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I can also assure you, however, that Jardine Fleming's application for a full banking licence will not be lost sight of. It will be considered again once we feel we have sufficient experience of how our new three-tier system operates.

حمد سا

with bear waste.

Henry Keswick Esq

Jardine Matheson Holdings Ltd 3 Lombard Street

London EC3V 9AQ

Governor

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