the use of local currency. We think too that the concession we are making justifies an assurance from HKMTRC, in some reasonable form, that Met Cam can rely on the subsequent business. This must not imply, however, that we are willing to repeat the support for Hong Kong dollars for subsequent business; you have told me that, in the meantime, HKMTRC will have borrowed on a rather large scale for their local costs and, anyway, from our point of view, the balance between the benefits and the risks will have changed considerably. We accept your view of the quotation from the Chartered Bank and, subject to the points made above, I confirm our agreement to your giving cover on the terms you propose,'
Copies to:
D Shilson, B/E
RM Prideaux, ODM
M Hodgkiss, D/Trade
J Ayres, FCO
PGF Bryant, D/Trade JW Davey, MOD
M Oldham, D/Industry Miss M Z Terry, D/Trade FC Munns, D/Industry D H Twyford, ECGD
D C Cooper, ECGD
JC W Friend, ECGD
Yours sincerely
R FORDHAM