A
Brown &Williamson Industries Incorporated
2000 Citizens Plaza - Louisville. Kentucky 2) 5n7- 7501
January 12,1979
SECRET
Mr. P. Macadam
B.A.T Industries Limited
London. SWlP UE, England
Dear Peter:
I acknowledge receipt of your letter of January 5 confirming our con-
versations regarding the debate which is to take place at CAC IV.
4
I confirm my,agreement to participate as a for ilia motion
together with Paul Par*, and I will make every effort to stimulate
some lively discussion In defense of the motion .notwUhatanding my
affection for this industry.
J
Without splitting hairs. I would aplTeciage, your interpretation of the
phrase flunattractive investment." The quest .io=- UW -are brought to
my mind are:
1. Should this be interpreted to mean that the circumstances of the
industry by the year 2000 do not justify additional -future invest-
meat, or
2. By the year 2000 the historical high profitability of the industry
will have deteriorated to the point that the existing business returns
are unsatisfactory
4 rr 4t lrltv / OL-V &ak,
hap@ Peter Rackham could.drop me a brief note conveying your
regarding my questions.
For thinking
I enjoyed seeing you last week and look forward to your visit with us In
early May. In the meantime, warmest wishes to Ann and you for a happy
and healthful new year.
Sincerely.
PQ
J. E. EDENS
/nr
CD
C. C. -Mr. P. Sheehy
G%
Jh,
BAT Industries document for Province of British Columbia 22 April 1999