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ABN
AMRO Hoare Govett Asia Inc.
1325 Avenue of the Americas, 11th Floor
New York, New York 10019-6026
Telephone (212) 314-1144
Fax (212) 314-1156
Member NASD, SIP
August 20, 1997
Mr. Daniel Rushefsky
Overseas Brokers,
Inc.
111 Great Neck Road
Great Neck, NY 11021
Dear Mr. Rushefsky,
HG Asia is in
agreement with the terms and conditions for the relocation expenses
of Alan J. Hargreaves. Please find attached the signed agreement.
Yours sincerely,
David C. Guest
President


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