FOREIGN TRADE: Normal Pangs

On second thought, Britain's 75% tax on Hollywood films (TIME, Aug. 18) did not seem as dreadful to producers as it first appeared. Hollywood's sharp pains faded to twinges as it mulled over several reassuring facts.

One was that U.S. companies have enough unused and untaxable films in Britain to bring in money for at least six months (only those films which were imported after the tax was announced are subject to it). Another was that Britain's tax, although set upas an import duty, seemed in effect an income tax—and therefore in violation...

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