CONFIDENTIAL
9 January, 1969.
78
In our telephone conversation yesterday afternoon about the Hong Kong Tunnel I mentioned to you that, in view of Anthony Royle's disclosure to me that an agreement with the French would be signed on 10 January, we would be telegraphing the Governor of Hong Kong in an attempt to attain some firm information on the stage reached in the Tunnel Company's negotiations with the French. I attach a copy of that telegram (No.18 to Hong Kong).
2. This crossed the Governor's telegram No.19 (copy attached) which suggested that the French equivalent of ECGD (COFACE) had already agreed to give an export credit guarantee in respect of the loan involved but indicated that the Tunnel Company was not yet irrevocably committed to the French proposition. It also crossed a telegram from the Senior Trade Commissioner in Hong Kong (EXCED No.5) stating, in corroboration of Royle's information, that an agreement between the French finence Rouse (Société Générale) and COFACE would be signed on 10 January and that a public announcement would be made on 13 January. We still do not know what is the state of play between the Tunnel Company and the Societe Generale. If the information in these
telegrams is true it is our reading of the situation that the export credit guarantee will have been fixed up by the weekend between COFACE and Société Générale, but the Tunnel Company will not be irrevocably committed to the French
THE LORD BROWN, MBE.
CONFIDENTIAL
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