BY SATISFACTORY I MEAN THAT OUR FOREIGN EXCHANGE RISK SHOULD BE
COVERED BY GUARANTEED ARRANGEMENT ..... THERE ARE SEVERAL POINTS
TO BE CLARIFIED BEFORE WE CAN TAKE A FIRM VIEW
WE CAN ONLY
ACCEPT A FURTHER GUARANTEE AGREEMENT IF OUR OBLIGATIONS ARE MORE
LIMITED THAN THEY ARE NOW UNDER THE PRESENT STERLING GUARANTEE
AGREEMENT AND OUR RIGHTS ARE MORE WORTHWHILE'. ASTON
ORWELL DISTRIBUTION
F.R.D.
HKIOD
PS/MR ROYLE
-3-
.}