CYPHER/CAT A
PRIORITY HONG KONG
TELEGRAM NUMBER EXCED 49
CONFIDENTIAL.
CONFIDENTIAL
TO
EXPORT CREDITS GUARANTEE DEPARTMENT
6 MARCH 1969
8
TOR COTTERILL FROM HAHNAM.
TUNNEL.
80) SINCE SENDING MY EXCED 43 I HAVE HAD SEVERAL MEETINGS WITH CLAGUE, KADOORIE AND MARDEN. TODAY BROTHERS CALLED ON ME.
AT LAST WE SEEM TO BE MAKING PROGRESS AND MY HOPES HAVE RISEN ·
A LITTLE FURTHER,
2. THE PRESENT POSITION IS THAT I NOW HAVE A COPY OF A DRAFT
PREPARED BY BROTHERS FOR THE NEXT TUNNEL BOARD MEETING, THE
DRAFT IS ENTITLED QUOTE PROPOSED TERMS FOR FINANCING THE CROSS
HARBOUR TUNNEL UNQUOTE, AND CONSISTS OF AN OUTLINE NEGOTIATING POSITION. (COPY IN BAG LEAVING HERE MARCH 8). IT WILL BE PRESENTED TO THE BOARD NEXT WEEK WHEN THE HONG KONG GOVERNMENT'S
DECISION HAS BEEN RECEIVED BY THE TUNNEL COMPANY ON THE GUARANTEE QUESTION AND WHEN THE BANK'S GUARANTEE POSITION HAS BEEN OBTAINED.
IF IT IS APPROVED BY THE BOARD IT WILL THEN BE SENT TO ME FOR TRANSMISSION TO YOU, PROBABLY ACCOMPANIED BY THE SUGGESTION THAT REPRESENTATIVES OF THE TUNNEL COMPANY SHOULD COME TO LONDON
IN THE SECOND HALF OF THIS MONTH TO NEGOTIATE THE DETAILS WITH YOU, ALWAYS PROVIDING THAT YOU DO NOT VIOLENTLY DISAPPROVE WHAT IS FINALLY TRANSMITTED TO YOU. I HAVE TAKEN THE RESPONSIBILITY OF SAYING THAT I DO NOT THINK YOU WILL OBJECT TO THE DRAFT THAT HAS BEEN SHOWN TO ME.
LAST
REF.
do
87
CONFIDE
130