TNAG-0276-FCO40-312-Plans-for-construction-of-underground-railway-system-in-Hong-1970 — Page 106

19th June, 1970.

HONG KONG Underground

I think that this is just worth bringing to your notice and asking you to pass this letter on to the Department concerned.

Hong Kong are thinking of an underground railway project costing well over £100M, and Freeman Fox will shortly be bringing out a preliminary study. The Senior British Trade Commissioner (Blackwell) has already been corresponding with the Board of Trade about it. I was in Hong Kong last week and was asked by the Director of Public Works whether the Crown Agents could finance this project. I said that Millbank Technical Services and/or Sassoons could certainly mobilise the finance, perhaps by organising a consortium, especially for 57 money with ECGD cover. I also registered this point with the Deputy Financial Secretary, Haddon-Cave.

I did not get the in pression that Hong Kong were looking only towards Britain for this project and it may be that the organisation of son e financial package would tip the balance in favour of British exports, at least for part of the project. Blackwell is very anxious to get British manufacturers in early and I believe he is trying to get some of them to go out there shortly.

My real reason for writing is to let the Departn.ent know that the Crown Agents have been approached and to give us a chance to join any Mission which goes if the question of finance is likely to arise.

A. D. Peck, Esq., C.B., M.B.£.,

Board of Trade,

1, Victoria Street,

LONDON, S. v. 1.

/Cont...