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rate of consumption 10% below that in the calendar year 1951. To base ourselves on the present very low level of consumption would be an unduly pessimistic assumption. But we feel it is so important to give Lancashire at least the 57%, and if possible the 60%, that we are prepared to take a risk. Programming the stock on this basis, it is estimated that 57% will cost $143 millions, 60% will cost $150 millions, as against dollar purchases last year of $158 millions.
21st May, 1952.
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P.T.
Swinton.
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