With effect from June, 1948, the amounts remittable in dollars to America in respect of the earnings of American films imported into this country have been limited by the Film Agreement of 11th March, 1948, to 17 million dollars a year, plus the return of the dollar revenues accruing to British film producers in respect of the net earnings of their films in America. The total amount which would have been so remittable within the last 12 months in the absence of this limitation must have been of the approximate order of 45 million dollars. The balance of unremittable sterling is being or will be applied to the various purposes specified in the Agreement, which in particular include film production within the sterling area.