TNAG-0423-FCO40-469-Construction-of-an-underground-railway-system-in-Hong-Kong-1973 — Page 44

However, these calculations are very esoteric, and experts faced with the same facts can come up with different results. It is quite possible that further talka between the Bank/Treasury and ourselves would produce yet another figure. Meanwhile, time is running out. I ouggest, therefore, that you write to the Chancellor, expressing some doubts about the figures, and your willingness that officials should examine them further, but stressing that the main point is whether we are willing to tell British industry that the Government are not prepared to match Japanese and European credit terms in a major project in Hong Kong

I attach a revised letter to the Chancellor, which has been slightly expanded to cover this point.

FW Glaves-Smith

OFP

V/S Rm 407 Ext 3649

9 July 1973

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