Good job you are not using Excel 2007 which has a bad feature for
working with a file structure such as this (if you have A.XLS open and
it is linked to B.XLS in folder C and you open B.XLS from a different
folder D the links are redirected to the file from folder D).

With Excel 2003, formula links to source workbooks in the same folder
as the destination workbook or a sub-folder thereof are usually held as
relative links so should not give a problem, provided that all users of
the workbooks have read access to all the folders.

Hyperlinks are a different matter. If I recall correctly they are
created as relative in 2003 by default (unless a hyperlink base other
than your "big" folder is specified in the File Properties dialog for
the workbook).

To enable me to help further, please clarify whether you are talking
about Excel formula links, hyperlinks and/or non-Excel links (e.g.
links to picture files). Also if you can give an example of a workbook
which does relink correctly (with the content of the Edit Links
dialog) and one which does not (ditto) we might be able to spot
something.

Bill Manville
MVP - Microsoft Excel, Oxford, England
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