TNAG-0380-FCO40-426-Sterling-assets-and-balance-of-payments-of-Hong-Kong-1973 — Page 104

BY SATISFACTORY I MEAN THAT OUR FOREIGN EXCHANGE RISK SHOULD BE

COVERED BY GUARANTEED ARRANGEMENT ..... THERE ARE SEVERAL POINTS

TO BE CLARIFIED BEFORE WE CAN TAKE A FIRM VIEW

WE CAN ONLY

ACCEPT A FURTHER GUARANTEE AGREEMENT IF OUR OBLIGATIONS ARE MORE

LIMITED THAN THEY ARE NOW UNDER THE PRESENT STERLING GUARANTEE

AGREEMENT AND OUR RIGHTS ARE MORE WORTHWHILE'. ASTON

ORWELL DISTRIBUTION

F.R.D.

HKIOD

PS/MR ROYLE

-3-

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