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Four independently modulated 10 Gbit/s channels were transmitted over 205 km with a penalty of less than 1.5 dB. The pulse source comprised a stabilised 10 GHz erbium fibre ring laser, multiplexed to 40 Gbit/s in a single polarisation by four independent lithium niobate modulators. Following transmission the requirement to kick start the demodulator is avoided using a 40 GHz electronic clock recovery circuit with a 10 GHz output. The experiment is performed entirely with commercial components and semiconductor laser diodes.