EXPORT
CREDITS.
GUARA
RANTORTM
EXPORT CREDITS GUARANTEE DEPARTMENT
P.O. BOX NO. 272, BARRINGTON HOUSE, 59-67 GRESHAM STREET, LONDON EC2
Your reference
Telephone: MONarch 6699 Telex: 21821
Our reference SL/CW 24126/35 pt. 3.
Dear Peter,
(80
Cross Harbour Tunnel
8)
1st November, 1967.
Thank you for your letter of today's date enclosing a draft of the points agreed at a meeting on 27th October. As I told you on the telephone the draft meets our case as far as it goes and in particular 1(b) is a fair general statement of our requirements. There are, however, certain consequential details which we shall require to be incorporated in any agreement and I would not like the Hong Kong Government to think that the saving despatch had the force of a legal document defining precisely the terms of their undertaking. For this reason I think it might be better to have in some general comment to the effect that when these arrangement s come to be formally expressed detailed safeguarding points may have to be incor- porated in them.
2. In our case the arrangement described in 1(b) of the draft. would be subject to the provisos that
(a) in the event of any default at the fourteen day point we would have
the right to call the whole of the debt;
(b) that we have the right to pursue if the Hong Kong Government account were to be removed from the Crown Agents (who are, I understand, the London agents or bankers referred to); and
(c)
that we should require an undertaking that the Hong Kong Government keep a minimum balance with the Crown Agents or whatever London agents they appoint.
We would reserve the right to join the Crown Agents with these undertakings.
P. Hewitt, Esq., Commonwealth Office,
Curtis Green,
Victoria Embankment,
London, S.W.1.
LAST
R
४०
(3))
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13.
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