IN CONFIDENCE
3.
(e) for a period of five years after signature of the proposed contract we would be prepared expressly to waive the guarantees of repayment in circumtanose where the inter- vention of a foreign power in the affairs of Hong Kong has resulted in a change in the civil adminstration or the law of the Colony so that
(i) the guarantors were unable to implement
their guarantees in Hong Kong)
(ii) the U.K. lenders were debarred from taking legal action in Hong Kong against the
guarantors;
(d) in all other circumstances, and in all circumstances without exception after the expiry of 5 years from the date of
signature of the contract, the guarantees of repayment muat
be expressed unconditionally.
If you wish to proceed with an application for E. C.G.D. support on the conditions I have described, I should be grateful if you would inform me as soon as possible of your revised estimate of the contract price and of the composition of the revised cost,
4. I confirm that we have no objections to your passing the foregoing infor- mation to the representatives of the Tunnel Company for their information.
Fours faithfully,
(K. W. Cotterill)