have asked this Government to take up its full 2ɔ% option amoure ing to $27.5 million and to induce the Aumati Ferry Company to take up the remainder. They also ask that Government should agree to accept reimbursement of the $12 million of public funds to be spent on road connections being received in instalments over 21 years rather than prior to completion. They furthermore say that they are not now prepared to guarantee any part of the loan funds and ask that I use my influence to persuade H.M.G. to waive any guarantee.
2. I understand that Costains are holding their present
tender offer open only to 10 July.
ろ。 This new situation puts me in a difficult quandary. As you are aware, our attitude has always been that in the light of our other pressing commitments we regard the project as
deserving low priority in the use of public funds and it was with
some reluctance that we proposed to contribute $15 million to the
not zat
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Cecil.
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