xx
Hong Kong apt
OUT TO HONG KONG TELNO EXCED 20 OF 31/1 CYPHER/CAT A UNIT 2 BAMFORD
IMMEDIATE
CYPHER/CAT A
NO COPIES MADE
IMMEDIATE EXPORT CREDIT GUARANTEES DEPT. TELEGRAM NUMBER EXCED 20
TO HONG KONG
31 JANUARY 1969
CONFIDENTIAL
FOR HANNAM FROM COTTERILL. CROSS HARBOUR TUNNEL. YOUR EXCED 19. REGRET DELAY WHICH ON THIS OCCASION WAS NONE OF OUR DOING.
2. SEVERAL GUARANTEES WOULD CONTINUE TO BE INVOKED WHATEVER THE CAUSE SO LONG AS GUARANTORS OR THE TUNNEL COMPANY CONTINUED TO OPERATE IN HONG KONG. IF OPERATION CEASED BY REASON OF COMPLETE FOREIGN TAKEOVER IT WOULD NO LONGER BE POSSIBLE TO DO SO. 3. WE WOULD REQUIRE TO BE SATISFIED THAT THE TUNNEL COMPANY ASSETS WERE NOT BEING SIPHONED OFF, AND FOR THIS PURPOSE WOULD WISH TO CONSIDER LIMITING DIVIDENDS AND SETTING UP SOME FORM OF FUND INTO WHICH NET PROFITS OF THE TUNNEL OPERATION WERE PAID FOR THE BENEFIT OF THE LENDER IN CASE OF NEED. WE WOULD ALSO REQUIRE ASSURANCE FROM GOVERNMENT THAT TUNNEL TOLL CHARGES WOULD BE MAINTAINED AT RATES THAT WOULD ENABLE VIABLE OPERATION IN COMPETITION WITH OTHER FORMS OF TRANSPORT.
STEWART
LAST
REF.
40
REF.
45