TNAG-0565-FCO40-660-Construction-of-an-underground-railway-system-in-Hong-Kong-1975 — Page 127

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6. AS I SAID IN MY TELEGRAM NO EXCED 53, WE WILL START WITH DISADVANTAGE, PARTICULARLY IN E AND M CONTRACTS, BECAUSE OF PRESENT RATE OF INFLATION IN BRITAIN. I VERY MUCH HOPE, THEREFORE, THAT YOU CAN DO SOMETHING TO IMPROVE OUR OFFER, PARTICULARLY IN VIEW OF LOWER INTEREST RATES BEING QUOTED BY FRENCH AND GERMANS, (WHO WILL BE STRONG COMPETITORS), THEIR AGREEMENT TO CAPITALIZE INTEREST RATES, AND FAVOURABLE TERMS LIKELY TO BE OFFERED BY THE JAPANESE ON LOCAL COSTS.

7. 1 AM AVAILABLE OVER THE WEEK-END IF YOU REQUIRE ANY FURTHER INFORMATION.

KINNEAR

EXCED DISTRIBUTION

HKIOD

COPIES TO

MR ROBERTS

CRE 4 DOT

MR BRYANT

OPG

DOT

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