Registry T
No.
ECURITY CLASSIFICATION
Top Secret.
Secret,
Confidential.
Restricted. Unclassified.
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DRAFT
LETTER
Type 1 +
From Mr Bear
To:-
D.L. Hawkins, Esq.,
T. P. D.
Telephone No. & Ext.
H.M. Treasury,
Gt. George St.
Department
Financial Guarantees Committee-Case No.
903
J
струбо
Hong Kong Underground Railway.
In/a letter of 9 September from Hooker of
ECGD to you, we are asked for our views on political
and commercial problems which are likely to be
raised in connection with the proposed Hong Kong
Underground Railway project. The Financial Secretary of the Government of Hong Kong, Sir John Cowperthwaite,
tated in the Legislative Council on 9 October:
"The further report of the consultants is
under study but it seems to me unlikely that any
decision on a scheme of such magnitude could be
made within the next six months except perhaps
a negative one. If I may speak for myself, my own
conclusion from reading the report is that it proves
conclusively that, even if the necessary capital
were available, the scheme would not be economically
viable by quite a wide margin. Furthermore, it will
have to be looked at in the light of competition for
available funds from such other major needs as water,
housing and roads for all of which a formidable
amount of money is required."
2.
In addition, we have recently had a discussion
with the Financial Secretary designate, Mr. Haddon- Cave, who is at present on a visit to the United Kingdom, and he confirmed the view of the Financial /Secretary....
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