AV
THE CROSS-HARBOUR TUNNEL CO., LTD.
GENERAL MANAGERS
SECRETARIES: WHEELOCK MARDEN a co., LTD. 12TH FLOOR, UNION HOUSE, HONG KONG CABLE ADDRESS: SEATUNNEL
TEL. 221111 TLX. HKG 312
107/
C
The Financial Secretary,
Colonial Secretariat,
Central Government Offices,
Main Wing,
HONG KONG.
30th March, 1968.
:
香港隧道有限公司
Dear Sir,
We write with further reference to our letter of 16th January and our subsequent meeting with you on 26th January.
We now feel that provided the concession of $12 million offered by you could be made as a loan instead of a deferment of payments, there would be a good chance of completing the finance arrangements without having to request Government to subscribe for more than 25% of the Equity Capital. (This subscription would amount to some $20.5 million).
We have stated before that unless we can first complete our financial arrangements here, there is little point in reverting to E.C.G.D., but should this be possible, it is suggested that we might seek to obtain some measure of agreement with the Commonwealth Office. We have already been in touch with them and as two of our Directors will be in London during the next few weeks, we hope to arrange a meeting of all concerned in a final attempt to settle the points remaining to be cleared before the contract can be awarded. We understand from a recent press report that you will also be in London in April/May and if a mutually convenient date can be arranged, we hope you could agree to be present also. However, the possibility of our receiving a loan of $12 million would first have to be examined here in Hong Kong and a conclusion reached.
We would also like to refer to the final paragraph of your letter dated 18th December, 1967 and state unequivocally that this Company, with the full backing of its shareholders, wishes to proceed and will proceed with the tunnel project as soon as we are able to agree with you an acceptable basis for financing it.
CONFIDENTIAL REGISTEY "...2497.
..3/4/68
DATE...3)
JLM:yb INWARD
LETTER
Yours faithfully,
THE CROSS-HARBOUR TUNNEL CO., LTD.
J.L. Marden,
Chairman.