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•EXPO
ARANTEE
PARTMENT SL3
EXPORT CREDITS GUARANTEE DEPARTMENT
P.O. BOX NO. 272, BARRINGTON HOUSE, 59-67 GRESHAM STREET, LONDON EC2 Telephone: MONarch 6699 Telex: 21821
Our reference SL/C# 24126/35 Pt.3.
68
Your reference
SECRET
Jan Hall
Hong Kong Tunnel
5th October, 1967.
I understand that you have supported the view of the Financial Secretary to the Hong Kong Government that any charge on that Government's assets in London would necessarily become publicly known since it would have to have the approval of the Legislative Council in Hong Kong.
2.
This view is causing some concern here against the Hong Kong Government's history of reluctance to produce guarantees. We feel that if the position is as stated, we should have reference to the actual legal basis for the difficulty. We are also concerned about the corollaries. If the Hong Kong Government cannot charge assets without publicity how will they satisfy Costains that they will be paid if the contract cost exceeds £10 million? Alternatively how do they, or could they, satisfy a lending bank requiring similar assurance for money borrowed?
3. If we cannot get the charge we would really like, it might satisfy our needs if the Hong Kong Government irrevocably instructed their bankers or agents in London to pay on presentation the Promissory Notes which the London Bankers will buy. This would not attach a fixed sum, nor require any freezing of assets. I hope that it would give our bankers the right to ask for and obtain payment in London when Notes matured or when interest payment fell due without further specific authorisation from the Hong Kong Government.
4. Do you think this sort of arrangement would also require authorisation of the Legislative Council with the consequent publicity? If so I would be grateful if you could refer me to the Statute or other legislative enactments requiring this so that we can consider whether there are alternative means of achieving our ends without the publicity which Hong Kong wishes to avoid.
5.
I hope you do not feel these are carping questions. We are genuinely concerned to have the facts on the record if we move from what we regard as our best underwriting position and would be grateful for your help in doing this.
LAST
REF.
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Yours sincerely,
H. P. Hall, Esq., C.M. G., M.B.E.,
International and General Department,
Commonwealth Office,
Curtis Green,
Victoria Embankment, London, S.W. 1.
евилий
R. A. Dickinson
BRANCH OFFICES; BELFAST BIRMINGHAM BRADFORD BRISTOL CARDIFF EDINBURGH GLASGOW LEEDS LIVERPOOL LONDON (CITY, SOUTH & WEST END) MANCHESTER NEWCASTLE NOTTINGHAM SHEFFIELD; & NEW YORK
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