The plaintiffs, a Singapore company, had entered into a written agreement dated July 1, 1978 with the defendants, a Malaysian company, in respect of the marketing, selling and distribution in Malaysia of certain petroleum products to be supplied by the Singapore company. Pursuant to the agreement petroleum products were supplied by the plaintiffs to the defendants from time to time and the claim of the plaintiffs is a liquidated demand for the balances outstanding (together with interest thereon) being the price of the said products sold and delivered to the defendants. The plaintiffs also seek an order restraining the defendants from using the word ELF in their trading name.

With their letter of March 21, 1983 the plaintiffs submitted to the defendants the statement of accounts for the month ended February 28, 1983 in respect of the account between the parties; the balances outstanding as shown in the statement were: (1) Singapore Dollar AccountS$2,427,961.98(2) Malaysian Ringgit AccountM$1,546,933.42

The said covering letter, a copy of which was exhibit PS2 to the affidavit of Philippe Steff affirmed on September 6, 1983, enclosure (2), states: "If we do not hear from yo