The Anglo-American Film Agreement of 11th March, 1948, provides for monthly payments to America in respect of the earnings of American films at the predetermined rate of 17 million dollars a year. This arrangement is unaffected by the change in the exchange rate. Inasmuch, however, as these dollar payments will in future absorb more sterling than before, the sterling balances accruing to the film companies in respect of their unremittable earnings will be reduced from now onwards by about £1¾ million a year. As regards the latter part of the Question, I have under constant review the difficult position of British film producers and the need for the highest obtainable output of good British films.