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QUESTION, RESULTING IN YOUR INDUS 133. (WHAT HAPPENED TO THAT WAS IT TOO LATE ?). GEMMILL'S DISCUSSION ON 4TH (REPORTED IN THE TELEX TO ROBERTS) FOLLOWED ROBERTS' TELEX TO HIM, AND - GEMMI WOULD SAY SIMPLY HELPFULLY ESTABLISHED WHAT CLP/S+C WERE THINKING
HAVING RECEIVED THE LETTER.
5. ALL THAT IS NOW HISTORY. FOR YOUR PERSONAL INFORMATION YOU
SHOULD KNOW THAT I WAS NOT CONSULTED BEFORE GEMMILL MADE THESE APPROACHES, AND INDEED THAT I HAD TO DISCOURAGE HIM A COUPLE OF DAYS AGO FROM GOING IN TO BISCHOFF, WITH OR WITHOUT ME, TO DISCUSS INFORMALLY BUT IN SOME DETAIL ECGD'S IDEAS (WHICH WERE NOT THEN KNOWN TO CLP/S+C).
6. ALSO FOR YOUR PRIVATE INFORMATION, GEMMILL BELIEVES ONE DIFFICULTY IS THAT DEWE-MATTHEWS, PERHAPS PARTLY FROM A WISH TO DEMONSTRATE HIS INDEPENDENCE FROM SCHRODER AND CHARTERED (AND PARTLY FROM INEXPERIENCE OF THIS SORT OF NEGOTIATION ?) HAS STOOD TOO FAR OFF
FROM BISCHOFF. GEMMILL'S EXPERIENCE IN GENERAL AND OF THIS CUSTOME IN PARTICULAR SUGGESTS THAT ALL POSITIONS SHOULD BE EXPLORED IN ADVANCE WITH CLP'S BANKERS, SO THAT ENTRENCHED AND UNACCEPTABLE POSITIONS ARE NOT ADOPTED BY EITHER SIDE. THIS HAS NOT BEEN DONE THIS TIME, WITH UNFORTUNATE RESULTS.
7. WE BOTH AGREE DEWE-MATTHEWS SHOULD COME AS PLANNED. ONE RESULT
AT LEAST SHOULD BE A BETTER UNDERSTANDING BETWEEN DEWE-MATTHEWS AND BISCHOFF (AND BETWEEN DEWE-MATTHEWS AND GEMMILL) WHICH IS CLEARLY VITAL.
8. DEWE-MATTHEW'S BRIEF WHEN HE COMES OUT NEEDS TO BE URGENTLY
EXPLORED WITH ECGD, BEARING IN MIND THE DOUBT CAST BY GEMMILL'S RESEARCHES, HOWEVER RIGHT OR WRONG. GEMMILL SUGGESTS, AND I AGREE,
THAT SINCE A FAIRLY INTRANSIGENT FORMAL LETTER IS ON THE RECORD (FULL COPY NOT YET RECEIVED) IT IS VITAL THAT DEWE-MATTHEWS SHOULD KNOW HOW MUCH OF IT HE SHOULD, IN DISCUSSION, BE ABLE TO GIVE AWAY IF NECESSARY, PREFERABLY WITH PREPARED ALTERNATIVE PROPOSALS. THERE IS OF COURSE LITTLE TIME BEFORE HE COMES: AND THERE SHOULD JUST BE TIME FOR A SECOND VISIT BEFORE LIPPITT IF ALL HE CAN BE EMPOWERED TO DO IS EXPLORE CLP'S POSITION PROBABLY MAINLY WITH BISCHOFF AT THE OUTSET, BUT INEVITABLY INCLUDING DISCUSSION, HOWEVER INFORMAL, WITH KADOORIE AND/OR GORDON AFTER THE LATTER
RETURNS ON 16TH. HOWEVER, THE ABILITY TO INDICATE THAT FOR EXAMPLE
THE NEGATIVE PLEDGE COULD BE DROPPED WOULD BE EXTREMELY HELPFUL.
9. THIS IS ALL VERY INVOLVED, AND THERE IS NO DOUBT SOME FENCES HAVE TO BE MENDED. I SUGGEST THAT YOU SHOULD TRY TO MEET TODAY
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