We shall shortly be making regular shipments of leather goods to Canada, and shall be glad if you will issue an all risks marine insurance policy for $70,000 to cover these shipments.

For the goods, the rate being charged by us against All Risks is 1% subject to the clause of PICC. The insurance policy are enclosed for your reference.

A number of major central Banks are meeting next week, and while we and the market expect them all to make no policy changes, there is no shortage of risks for a surprise.