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25
Type 1 +
५
From
W. S. Carter
Telephone No. & Ext.
Department
NOTHI
piter
(118281) Dd. 391599 1,500M 2/69 Hw.
NOTHING TO BE WRITTEN IN TH
Draft causidantion
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I had intended writing before Easter. say The Gap is an enormon se ter than ever with my
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N.P.3.
"
YES
I certainly hope that chapter 1, as it has become, of our newsletters, Cross Harbour Tunnel will before long be finished. I have no doubt you feel the same. It is too early to say how the negotiations are going at this end but at least nothing seems to have gone seriously wrong so far. One consequence of putting Sir Anthony Percival at the head of the ECGD team (excellent move though that has been from the point of view of the amour-propre of the Tunnel Company representation) seems to have been to inflate the size of the delegation: in fact I under- stand that when the six ECGD negotiators sit down at the table they find themselves out-numbered at least 3-1!//I believe ECGD have been a little dismayed to find that the Tunnel Company have apparently ignored their letter of January (which I do not think I have seen) but have shown a disposition instead to make the 1967 discussions their starting point. For one thing they have not brought with them all the papers for which the Department asked and it has been necessary for ECGD to demonstrate this is the difference in the profitability forecast of two years ago and today considerable i gather, with increased traffic over, devaluation and revaluation in between. You will not expect me to go into details, which would in any case be incapable of doing, but I believe that these figures will have a bearing on the amount of money which the company can be expected to pay into a trust fund. bonus so far seems to be that the Company And broadly acceptable the Department's proposals for proportionate guarantees. Evidently the Company's own lawyer has
varying come up with a helpful suggestion for following the formula for dealing with the political risks.
Thismie wi
^
13.
for
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