TNAG-0565-FCO40-660-Construction-of-an-underground-railway-system-in-Hong-Kong-1975 — Page 33

Treasury Chambers

Parliament Street London SW1P 3AG

Telex 262405

Telephone:

01 - 233

8789...

(Direct Dialling)

111

01 - 233 3000 (Switchboard)

Telephone 01-930 1234 ext

Miss D Bell

Export Credits Guarantee Departments

Aldermanbury House

Aldermanbury

London

EC2R 8AH

Your reference

Our reference

2FE17/68/01

Date

15 October 1975

2c. Hx.100

Not

-Care

Dear Miss Bell

HONG KONG MASS TRANSIT SCHEME

We spoke on the telephone about Mr Cotterill's letter of 9 October to Miss Kelly. You told me that the Mass Transit Authority would adjudicate tenders on 14 October, and that you therefore wished to send a telegram immediately setting out finel details of UK Terms. I am now writing to confirm what we agreed on the telephone, after I had consulted Mr Widdup here.

As far as the interest rate is concerned, you confirmed that the telegram of

1 October, ag which we received a copy after despatch, and which contains an offer of interest below that approved, was sent to the Mass Transit Authority. This we must therefore now accept as a fait accompli, but we are looking further into the underlying procedural issue.

On length of credit, since it has now been confirmed that all other competitor countries have agreed to allow ten years' credit without stipulating a minimum value, we agree to the withdrawal of the minimum value which has hitherto applied in your case.

We have not seen the telegram referred to in the third paragraph of Mr Cotterill's letter, and should be grateful if you would send a copy.

CC.

23 OCT 1975

HKK 21|4

G M Lambert Esq: Bank of England

RG Marlowe : FCO

Yours sincerely

RECEIVED IN REGISTRY No. 43

I E RICH

LOOCT 1975

MTM3393/1

MA Cowdy

Washington

S N Chilton : DOT