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The sings
107
024/9 Stix.
Q) BTC HONG KONG
GPS 250
DESKBY 04010OZ
CYPHER CAT A
FM DOT 011614Z
CONFIDENTIAL
DESKBY 04010OZ
HKJGD. TRED/2)
Pusp(2)
+-4
TO IMMEDIATE BTC HONG KONG TELNO CREDA 155 OF 1 SEPTEMBER.
FOR MARCH FROM NORMAN CRE4. YOUR CREDA 259.
HOVERMARINE
REGRET YOUR OFFER OF ASSISTANCE WAS MADE KNOWN TO MR LAU. HOVERMARINE DID THIS WITHOUT REFERENCE TO SBP WHO SUSPECT THAT MR LAU KNOWS LITTLE ABOUT NRDC AND THEIR CONTRIBUTIONS.
2. FOR YOUR OWN CONFIDENTIAL INFORMATION ORIGINAL ESTIMATE OF COST OF DEVELOPMENT OF HM5 WAS £1.5 MILLION OF WHICH NRDC MADE £750,000 AVAILABLE. WITH INFLATION, COST OF PROJECT IS NOW ABOUT £1.8 MILLION OF WHICH ABOUT £1 MILLION HAS BEEN SPENT WITH NRDC PROVIDING SOMETHING OVER HALF. PRESSURE OF NEW BUSINESS FOR HM2 AND INCREASE IN COST OF PROJECT HAS CREATED PROBLEM FOR HOVERMARINE IN FINDING REMAINDER. NRDC ALSO PROVIDE CONTINUOUS FACILITY FOR BUILDING HM2'S AND NOTHING MORE IS REQUIRED FOR THEM.
3. THE NEW SCHEME REFERRED TO IN MY CREDA 152 IS THE PRODUCT AND PROCESS DEVELOPMENT SCHEME TO ASSIST NEW PRODUCTS TO BE DEVELOPED. THAT SO MUCH HAS ALREADY BEEN DONE ON HM5 CREATES PROBLEMS BUT SBP HAVE TOLD HOVERMARINE THAT SBP WOULD BE PREPARED TO LOOK AT APPLICATION WHICH HOVERMARINE ARE NOW PREPARING. SBP CANNOT SAY THAT IT WILL BE ELIGIBLE BUT THEY WILL TRY TO GET IT ACCEPTED.
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