8.
In 1965, a total of 77 million square yards were shipped in the last two months of the year. The then (UK) Cotton Board deemed the situation serious enough to complain that the market had been disrupted, the effects of which would be felt for six months at least, to the detriment of all, including Hong Kong.
9.
Naturally, no company wishes to sell at a loss if it can be avoided, and this can be avoided by extending the period in which a company can make its sale without risk of losing its quota. Our unilateral undertaking provides such an extended period, removes the uncertainty and allows for the orderly development of trade. In fact several local press reports have indicated that our exporters are holding off in order to maintain prices. io proceed as you suggest would in our view, serve the interests neither of you, nor us.
10.
On a more encouraging note, I have examined our shipment figures to date and compared monthly percentage shipment rates this year against those of last year. These are set out in the Annex. You will see that on a percentage basis the rates this year compare favourably with last year but note the build up towards the end of the year and there seems a good chance either that the problem will go away or that the unshipped balance will not be as great as the 82 million square yards we have estimated.
11.
Goodfellow.
I am copying this letter to David Gellers and Mark
Fnel:
Cc:
AL >
AB ) (w/ encl.)
√FCO)
(Yours sincerely),
LM
(L. .k.Mills)
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