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3. 1NDSET NEW PARA 5. QUOTE H M G STILL CANNOT YET SAY IN DETAIL
WHAT ARRANGEMENTS WILL APPLY AFTER ENTRY INTO THE CEC AND THIS IS A
HATTER TO BE RESOLVED CURING 1072. THE PROSPECT OF RETURNING TO A
SYSTEK OF QUANTITATIVE RESTRAINTS IN 1973, HOWEVER, MAKES IT IMM-
POGSTELE NOW TO RELY ONLY ON THE POLICY OF DEALING WITH DISRUPTIVE
IMPORTS ON A PRODUCT BY PRODUCT BASIS DURING THE COURSE OF 1972.
THE PRESSURE ON THE UK MARKET IN THE SHORT TERM BECAUSE OF FORE-
STALLING WOULD BE TOO GREAT, H M G ALSO HAVE TO BEAR IN MIND THE
CONSEQUENCES OF U RESTRICTIONS ON IMPORTS OF NON-COTTON TEXTILES
WHICH CREATE A RISK OF DIVERSION OF ASIAN GOODS OF A TYPE PRODUCED
IN LANCASHIRE AND INCREASE THE PRESSURE ON COTTON TEXTILES NOT ONLY
BECAUSE THESE PRODUCTS ARE DIRECTLY COMPETITIVE BUT ALSO BECAUSE THE
SAME PLANT CAN UCAVE COTTON AND MAN-MADE FIBRES. IN ADDITION, A SHARP
ACCELERATION IN THE RATE OF INCREASE OF MILL CLOSURES AND UNEMPLOY-
MENT 18 LANCASHIRE AT THIS TINE OF EXCEPTIONAL UNEMPLOYMENT
GENERALLY AND INDICATIONS OF HEAVY SHIPMENTS ALREADY IN THE PIPELINE
RECESSITATE FURTHER STEPS TO CONTAIN THE IMPACT OF IMPORTS ON JOBS.
A
"
4. OLD PARA 5 STET.
5. OLD PARA 6 DELETE,
6. OLD PARA 7 STET.
7. OLD PARA 8
STET. ADO
QUOTE IT WILL STILL BE POSSIBLE FOR IMPORTS
RE
TO SATISFY UP TO 50 PER CENT OF DOMESTIC CONSUMPTION OF COTTON
TEXTILES, A FAR HIGHER PROPORTION THAN IN ANY OTHER MAJOR INDUSTRIAL
COUTALLY UNQUOTE.
...