Confidential
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Since.......plans have been laid in Hong Kong for the
the extension of the Kai Tak runway and the development of the
passenger handling facilities in preparation for the advent of
Jumbo aircraft. In 1967 the Governor approached H.M.G. for
assistance in the cost of construction then estimated to cost
ti millin
about K. 90 million. At first this request was put in the
form
com or an application fragrant. J. £24
grome. million
•
but
En 2.9
of Zhumin
subsequently it was altered to a request for a loan frémi.
at an riverent Astia 277 repay
in
years.
abla
15 The Hong Kong Government's argument for seeking a loan from
H.M.G as opposed to financing the whole work themselves is
based on the very considerable capital expenditure to which
they are already committed over the next few years when the
money for Kai Tak would also be required.
2.
This request fell on very stony ground for a variety of
reasons. The British economy was in a particularly unhealthy
state; business and trade in Hong Kong were booming and the
Colony already had substantial reserves in London; the
Colony's revenue account was in continuing and increasing
surplus
above even the expectations of the Financial Secretary.
When the matter was discussed at official level in Whitehall the
Treasury were not wholly opposed to money being provided on the
condition that it was not "new" money. They would not have
being
objected to the money having been found by ODM from aid funds,
but ODM categorically refused on the grounds that His not
"aid worthy" by their statistical criteria.
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