their terms are going to be the latest rather
unwelcome information was that they would not do
so before March but there are indications that
they are prepared to be more generous in some
directions (guarantees, as you instance) than
we are; although less so in others, notably
We know no more about the American & Swire offers of finance
interest rates. I can say without fear of than the bare indications Claque has given to Hannam. contradiction that British finance ought to have
all
the edge on them and we all hope that it will
We cannot- (as you will appreciate) press the malter is the extent of although it is not for us to persuadethe Board
of Trade to throw commercial prudence to the
winds, however strong the pressures Colonel
Clague may exert. I do appreciate that we have
nothing concrete to show lately in the way/of
benefits conferred by the UK on Hong Kong, and
we should very much like to be able to make a
gesture indicative of our confidence. But I
cannot yet say whether finance for the Tunnel
will prove to be such a gesture. Perhaps you
will forgive my asking whether you yourselves
would be prepared at this stage to give your
share of the several undertakings which ECGD
have said that they will now require from all
shareholders. You did say in a telegram about
a month ago that you would feel in duty bound to
implement your agreement in principle to take up
your option on 25% of the Tunnel equity if
French finance were successfully negotiated, and
presumably All the more so if it were British
finance. (We sent you a telegram about this
which you may well have answered by the time
this letter reaches yout
L
revised ECG)
They Bintara Ferma
as they now stand (after clarification in recent exchanges of
manner
the circumstances in
which the quarantees will garate)
to us
seem
emmently reasonable However We realise thank, & in this Dutch auction that is how developing, they might well be beltered
case
}
mi intuch
we will probably lose the day.
NOTHING TO BE WRITTEN IN THIS MARGIN
cind we
hope
te that, wven the advantage of the Tunnel Company of being able to take up with Costams where they left off last year,
They will carry the day.
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