I recently ( 2018) bought some 8mm Cine films off eBay & this was amongst them.
It shows the Central Flying School, Kemble team, "The Red Arrows" practicing some of their routine.
Other films include :-Linton Blades ( 1972) , The Blue Chips (1972), The Macaws (1972), The Poachers, The Gemini Pair, & The Red Pelicans.
Since many of the other films are clearly from 1972, I assume this one is too ….. But I'm sure someone will know 100% for certain, oneway or another.
Unfortunately the films are without Sound.
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