(9) The solution could take one of three forms
(10)
(a)
A multilateral arrangement
(b) Bilateral arrangements
(၁)
(c) Unilateral action by Congress.
Something was, bound to happen shortly and
probably this year.
Hong Kong was the second largest exporter
of woollen textiles to the US. She was not
yet a big exporter of m.m.f. and while there
might be a problem for Hong Kong as regards
wool, she would not be seriously hit on m.m.f.
Sir J. Cowperthwaite opened by questioning several points
of Mr. Stans' statement, e.g. the likely multilateral effect
of action on the lines proposed, whether imports of less than
10% of consumption could really be regarded as a threat to
domestic interests and whether it was true that the US was the
only open market in textiles. This was true only in regard
to m.m.f. and wool (Mr. Stans confirmed that these were the
only products about which he was speaking) and it was question-
able whether this point arrected Hong Kong who had freedom
in its main markets already and is not taking advantage of its
open access to US markets. After some cross-examination of
this nature, Mr. Stans showed some irritation and asked Sir J.
Cowperthwaite to present his case.
4
/Sir J.