(95)
Mr. Bean 28/12
7.
Saw
heutt-95
Ar. John Marden (q
Wheeloch Marden) yesterday
T
is Chariman of the Tunnel Co.
with the
the copy (below) of
Tunnel Co. from the
a
at his request. He
He
Letter
provided me
received by the
Hong Kong Goret.
2.
2.
There
Are
two points of
interest :-
()
Thu H.K. Gart
is not prepared to
meet the short fall of about Ith $120
in the equity and is luniting it's contribution to 25%.
seem (
and
St
would
this was No. Nardin's view)
that the offer of the H.K. Good. to
ostpone repayment of the cost of the
approach roads.
was
an attempt t
to
scale
down the equity to be
Subscribed at this stage:
Sure the Treasury
this acceptable.
5 am not
ECGD will find
This
would account
for about $12 m. of the shortfall.
The
remaming
$8
Nr. Marden
thought, could be found by
scrapping the prornion for Contingencies.
Again s
am doubtful about
Treasury Eca) reactions to this
?
manoeuvre.
(ii) The H.K. Gart.
not prepared to
Guarantee the loan
On
This
seems 10
Ecad
to
alihogh
1
conditions.
kill the project stone dead
must wait for details as
clearly we
to why the
H.K. Geol.
have reached
This decision