Reference
CONFIDENTIAL
The natural meaning of the relevant words, read in
,
ཎྞཾ་
context is 'the sterling which you purchased during
March(un 'er the belief, which we do not admit to be
correct, that by making amends you could claim that your
breach had been 'accidental' however close to the wind
( you had been sailing) and which you needed to purchase
to bring yourself over MSP by the end of March when
you had allowed for aŭtomatic changes in value and
accruals to your holdings! Hong Kong is in effect
claiming to misinterpret the accidental breąch provision
in yet another respect and the onus is on her to show
that this further misinterpretation must have been
known to the parties when the modified settlement basis
was drafted.
(3) The modified settlement basis, read as a whole,
should have made quite clear to Kong Kong that automatic
changes in value and accruals were not to be disregarded
in computing the amount of sterling that should be bou hit
in time for the end of March. The last sentence
stressed that end March values are the relevant ones
for the purpose of the modified settlement basis, and
above there is express mention of 'sterling interest
received during March which is maintained in sterling'
This should have made it quite clear that the purchases
required in time for the end of March were to be calculated
after these two elements had been taken into account.
I hope you feel that I am sitting on the fence with
sufficient equilibrium for your purposes.
CONFIDENTIAL
Zihen funza 15 July 1974.
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