Spoke to be Drukker
are waiting to hear
شريفة
from Ward who is in MK now. BN, to ku Gamméne
$CG),
CONFIDENTIAL
INWARD TELEGRAM
Spe Mumm.
waiting for
idey
32
22
Hund (Apst. Sery BDT) to viel
TO THE COMMONWEALTH OFFICE (The Secretary of State)
61
First
Hong Kong Gown A-day they the pr
he will find
FROM HONG KONG (Sir D. Trench)
)
Ja parte va
Cypher
D. 10th April 1967
11 R. 10th
ANGE
12/4.
10.50 hrs.
PRIORITY
CONFIDENTIAL
No.453
RECEIVED IN
ARCHIVES No. 63
10 APRI
Addressed to Export Credits Guarantee Dept. London Repeated
Board of Trade
GUTT HUR KLOW!
(Commonwealth Office please pass)
EXPORTCRED No.55.
не
HWA 21/5
For Cotterill from Hannam.
LAST
REF.
Your telegram CREDA (sic) No.54.
NET
Tunnel.
REF.
2. Many thanks. The hand is for you to play and I will not compromise your strong line. But, with due respect, I think you will run into a brick wall if you stay put on the guarantee question.
3. The personalities concerned need to be borne in mind. The Colonial Government is at best lukewarm towards the project, and is saving its energies for the rapid transit system and other major schemes which are looming ahead. I hear they have already responded negatively to Commonwealth Office telegram No.649. On the other hand the present shareholders come from the ranks of the Colony's business establishment. Like other Britons of their kidney they feel the world revolves around Hong Kong, and that the old country owes them special treatment. If disappointed in these illusions they may well emotionally rebound into the arms of the Japanese amid great publicity. I think Clague is close to this now, and Kadoorie (who is of course responsible for many millions of British sales of electrical machinery each year) often makes this sort of point.
4. I have discussed all this with Derek Hill and we are agreed that what is really wrong with the whole scheme is that it is undercapitalised. Can you not agree with Miti to present a united front to the Tunnel Company that they will get no loan unless the gearing is altered. See paragraphs 7 to 11 of my letter of 14th March to Elliott. I know Hongshai would support pressure on the Tunnel Company on these lines, and am reliably informed the Colonial Government would also apply pressure.
5. I regret I have to go to England for a fortnight's compassionate leave on 21 st April and so will not see Ward.
6. In the meantime I have not (repeat not) conveyed the gist of your CREDA No.54 to the Tunnel Company. I leave you to do this in London through your normal channels.
CONFIDENTIAL
/Copies sent to:
No comments yet.
Private notes are available after approval.