5.
But we cannot be sure that the French will not deliberately
undercut us to the point of foolhardiness and there could be some
justification for ECGD's concern that we might be faced by a fait accompli. This is the main point ECGD wish us to make to the Governor in our next telegram; it would of course be reassuring to know it has been decided to open negotiations with ECGD and therefore that the "Dutch auction" is on. Both the se
points are covered in the draft attached.
6. The text of the telegram has been agreed with ECGD. I doubt the need for every step in these exchanges to be agreed with Lord Brown (ECGD hold the same view). It might, however, be courteous to clear the text with Lord Brown's Private Office making the point that the substancejhas been agreed with ECGD.
(und (ext). ancejha
5 March, 1969
Copy to: Sir A. Galsworthy
(W. S. Carter) Hong Kong Department
A
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