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OCCUR BEFORE THE NEW GUARANTEE EXPIRES. BUT, IN VICW OF THE LINK BETWEEN EXCHANGE RATES AND INTEREST RATES, WE FEEL THAT PROVISION SHOULD BE MADE FOR AN ADJUSTMENT IF THE GOVERNMENT SECURITIES INDEX AT THE DATE OF VALUATION IMMEDIATELY BEFORE THE END OF THE GUARANTEE PERIOD IS BELOW THAT RULING ON 24TH SEPTEMBER, 1973.
NORMAN-WALKER
ORWELL DISTRIBUTION
FRO
HKIOD
SIR E NORRIS
MR WILFORD:
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