Extrael D. 1.B
inglo Meeting
32
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Friday, Octobor 9, 1970
Sir J. Conferthwaite :-
"This proposal, which tho committoo confossos to bo outside its
torms of roforonco, appears to have boon a lato compromise between conflicting
vious, based on an orroncous boliof that Govornmont had indicated that it
would be proparod to give such guarantees.
an
Aftor listing a number of reasons why he thought thoro was 11
olomont of falso analogy botwoon this proposal and Export Crodit Insurance, #7 ho said his viow of an alternative should be the setting up of an institution
on the model of tho Hong Kong Building and Loan Agency for home mortgages, whore the Government and banks would subscribo togothor or sot up a fund
for nodium-tor loans of a kind a bank acting by itself might hositato to grant.
No Decision For Six Months ·
On whothor a decision on the proposal for an underground railway
could be made before the close of the financial ycar, he said:
"Tho further report of the consultants is undor study but it seems
to me unlikely that any decision on a schome of such magnitudo could bo mado within tho next six months except porhaps a nogativo ono.
If I may spoak for myself, my own conclusion from roading the roport is that it provos conclusivoly that, ovon if tho necossary capital wore availablo, tho schono would not bo oconomically viable by quito a wide margin. Furthermoro, it will have to bo looked at in the light of competition for availablo funds from such other major noods as wator, housing and roads for all of which a formidable amount of money is required.”
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