CONFIDENTIAL
AND WE
OUNDS STERLING 5 MILLION ESTIMATED IN OUR TELEGRAM 375. COULD NOT KNOW THEN THAT THE MARKET WAS GOING TO FALL AGAIN DURING THAT DAY.
9.
I REALLY DO BELIEVE THAT WE HAVE HONOURED OUR OBLIGATIONS UNDER THE GUARANTEE AND, ACCORDINGLY, I DO NOT SEE HOW WE CAN POSSIBLY
IN OTHER ACCEPT THE PROPOSAL IN PARAGRAPH 2 OF YOUR TELEGRAM 314. WORDS, I THINK WE ARE ENTITLED TO COMPENSATION BASED ON OUR OPENING POSITION OF POUNDS STERLING 313 MILLION OR THE MARKET VALUE OF OUR STERLING HOLDINGS AT THE END OF MARCH, WHICHEVER IS THE LOWER.
MACLEHOSE
ORWELL DISTRIBUTION
FRD
HKIOD
SIR D WATSON
MR YOUDE
:
[ADVANCE COPY SENT TO TREASURY]
3
CONFIDENTIAL