Treasury Chambers
Parliament Street London SW1P 3AG
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Telephone:
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8789...
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Telephone 01-930 1234 ext
Miss D Bell
Export Credits Guarantee Departments
Aldermanbury House
Aldermanbury
London
EC2R 8AH
Your reference
Our reference
2FE17/68/01
Date
15 October 1975
2c. Hx.100
Not
-Care
Dear Miss Bell
HONG KONG MASS TRANSIT SCHEME
We spoke on the telephone about Mr Cotterill's letter of 9 October to Miss Kelly. You told me that the Mass Transit Authority would adjudicate tenders on 14 October, and that you therefore wished to send a telegram immediately setting out finel details of UK Terms. I am now writing to confirm what we agreed on the telephone, after I had consulted Mr Widdup here.
As far as the interest rate is concerned, you confirmed that the telegram of
1 October, ag which we received a copy after despatch, and which contains an offer of interest below that approved, was sent to the Mass Transit Authority. This we must therefore now accept as a fait accompli, but we are looking further into the underlying procedural issue.
On length of credit, since it has now been confirmed that all other competitor countries have agreed to allow ten years' credit without stipulating a minimum value, we agree to the withdrawal of the minimum value which has hitherto applied in your case.
We have not seen the telegram referred to in the third paragraph of Mr Cotterill's letter, and should be grateful if you would send a copy.
CC.
23 OCT 1975
HKK 21|4
G M Lambert Esq: Bank of England
RG Marlowe : FCO
Yours sincerely
RECEIVED IN REGISTRY No. 43
I E RICH
LOOCT 1975
MTM3393/1
MA Cowdy
Washington
S N Chilton : DOT