J,D. CLAGUE, C.O.E., M.C., T.D., J.M. CHAIRMAN
HUTCHISON INTERNATIONAL LTD.
Currines and
UNION HOUSE
HONG KONG
V. interesting that he makes
STRICTLY CONFIDENTIAL
Lord Rhodes,
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We're mentioned by A. Snelling
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Board of Trade,
Victoria Street,
London, S.W. 1, ENGLAND.
Daa. Mervey
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20th March, 1967
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29
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I know you will be interested to learn that events concerning the Tunnel have reached a climax. Tenders have been received and the contract will be signed within two months. Letters of intent will be exchanged with the successful contractor even ooner. that the contract will go either to the U.K. or Japán.
It is no secret
Such unresolved technical details as exist are I am informed
capable of being settled without any difficulty.
The total cost of the Tunnel is well within the limit set by the Hong Kong Government as a pre-requisite to their participation. We have informed Costains, who are the only British representative still in the race, that they must improve their financial terms slightly. In brief the position is as follows:
Expenses other than the actual contract, say,
£ 4,000,000
Building contract, say,
Total cost
13,000,000
`17,000,000
Sponsors provide the first £4,000,000 together with 10% of the contract price on signing, and 27% during construction the balance of 62% being payable over 7 years. They are now being asked to vary this to the extent of receiving 10% on signing, 15% during construction and 75% pay- able over 7 years. You will see that the gap therefore is very small, particularly as interest is being charged.
As things stand at the moment 70% of the sponsors' contribu- tion will be provided by Hutchisons and Wheelocks, and therefore we are bound to have a dominating say as to who will! would naturally like to give the contract to a U.K. firm and I have
the contract. I formed a good impression of Costa ins. The value of the contract to
/Britain
...
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