4.
We did not understand the figures in the table attached to your letter, especially those for the movements of domestic costs in the UK, Germany and Japan between June 1976 and December 1977. If they are measures of consumer price inflation, then the increase in both the UK and in Germany is overstated. It may be that the figures represent some measure of the costs peculiar to the rail-car building industry, although a look at the movements in cost of all manufacturers shows very different figures, and indeed shows the UK as being in a considerably more competitive position now relative to these two countries than in June 1976.
5. Our experience leads us to wish to join in the praise for the Trade Commissioner in Hong Kong for his efforts on the contract.
6. I am copying this to Michael Palliser, Feter Carey and Ken Taylor.
KE COUZENS
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