4.
Executive Management's submission to Board
was thus in no sense a recommendation in favour
of Tunnel project, but simply a request for guidance on whether Board wished the management to embark on detailed investigation of project. Board decided that, for reasons in paragraph 3 above, they would not wish to proceed further with this project, unless there were very special reasons why H.M.G. would wish them to do so.
C. D. C. spoke accordingly with their representative
in Hong Kong when latter telephoned for decision.
5. C.D.C. have never discussed this particular
project with O.D. M. But O.D.M. are known to share C. D. C. Board's views as in paragraph 3. 6. C. D. C. have repeated to us that, if H.M.G.
were to press them on special political grounds to consider an investment in Tunnel project, they would be willing to look at the proposition in detail. This would be on basis of a loan of up
to £1.5 million. They would need to satisfy themselves on project's commercial prospects and on question of adequate security for their loan.
If they then favoured investment we should have
to secure agreement of O.D.M. and Treasury. this would take considerable time; and since
maximum we could expect C. D. C. to contribute
would be a loan of £1.5 million, I doubt whether this line is worth pursuing.
All
(8430 Dd.033246 600m 9/66 G.W.B.Ltd. Gp.863
19/10 (authority overley)
•
{
NOTHING TO BE WRITTEN IN THIS MARGIN
No comments yet.
Private notes are available after approval.