:
THE NATIONAL ELECTRIC CONSTRUCTION CO LTP
3, Laurence Pountney Hill,
TELEPHONE NOS
5329 BANK.
(SUJO BANK.
TELEGRAPHIC ADDRESS:
SWVERHAULED, LONDON"
REMOVED is
82 & 63, QUEE
LONDON, EC. 4
Mau "Phone Nes. CITY 8816/7
REP
W.B.COWNIE, C.A.
MANAGING DIRECTOR.
EAS
WBC/EMS
467
CANNON STREET,
LONDON, 20th June,
1918.
E.C.
ALL BUSINESS COMMUNICATIONS TO BE ADDRESHED TO THE COMPANT,
E. T. Williams
11, The Drive,
Golder's Green,
Esq.,
N. W. 4.
Dear Sir,
HONG KONG SOUTH CONCESSION.
C.O
31351
REC REG 26 JUN 18
I have now had an opportunity of considering the
terms of the agreement which has been arrived at between the
Promotors and the Governor of Hong Kong, and the draft Bill to
authorise the construction of the tramways referred to in the
agreement, and I have no hesitation in saying that the scheme
is attractive and, in my opinion, sound financially, and that
under ordinary conditions, I should have no difficulty in
arranging the finance with our friends.
1
I understood you to say that the completion of the
agreement and passing of the Bill now depend only upon the
Promotore satisfying the Government that the dapital would be
provided. I am afraid, however, that in these abnormal times
it would not be possible to get any responsible financial group
to guarantee capital for a proposition, no matter how attractive,
when the date when the capital could be made use of, is 30
indefinite. Further, assuming that it was permitted to raise
the necessary capital now, the capitalists would certainly have
to be satisfied that the construction of the tramway could be
commenced within one year and completed within three years, in
order to secure the capital provided, and therein lies a difficulty
because in view of the shortage of material necessary for the
construction