к пода
Mr Gudden
SL/C 24126/35.
3rd May, 1968.
283
117
Hong Kong Harbour Tunnel
This is a quick revction to your letter of lɛt May. I think that there are still a number of problems to be resolved before we can regard this as acceptable business. The pain problem is, I think, that the Tunnel Company is really under- cu sitalised for the project in mestion. This in turn means that it is not properly e uipsed financially to underwrite the kinɑ of risks in the way which you in m.C.G.D. consider desir,ble. These are problems which the Tunnel Comp-ny really have to resolve for themselves in the first pl-ce. Until they do I agree with you that we ought not to go out of our way to acceat for cover a proj ct where the risk is by any st. nerde on the high side. I re therefore wit the st、rting :osition which you have set out in paragraph 6. I would not xclude the possibility that we would
be happy to see the roposed lown exce ₫ £10 million in cert in eircumst.nces, but I think that the Tunnel Company have lot to deal with some of the we...ker points in their own ɑroposals before we can move to that stage.
Copies go to "ildyre, avies, home, Ryan, Thain and Ford.
Yours sincerely,
(C.C. Lucas)
K.. Cotterill, Es.,
leommon beack off
Export Credito Guarantee Departaent,
Barrington House,
59/67, Gresham Street,
M.C.2.
LAST
REF
114
RECEIVED IN
12.63
-7 MAIDCO
HWN 21/