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USE WOULD BE MADE OF THE EXPERTISE AND FACILITIES OF
THE CENTRAL ELECTRICITY GENERATING BOARD, ESPECIALLY
IN RESPECT OF THE COMMISSIONING AND OPERATION OF THE
POWER STATION. UK INDUSTRY WOULD ALSO MAKE USE OF
THE EXPERIENCE OF THE NATIONAL COAL BOARD.
THE BRITISH GOVERNMENT WOULD OFFER FAVOURABLE BUYER
CREDIT TERMS FOR AN AMOUNT EQUAL TO 100 PER CENT OF
THE VALUE OF UK GOODS AND SERVICES WHICH ARE TO BE
SUPPLIED UNDER THE CONTRACT.
THE BUYER CREDIT FACILITY WOULD BE DENOMINATED IN US
DOLLARS. IF SIR LAWRENCE WISHED, WE WOULD EXPLORE THE POSSIBILITY OF DENOMINATING THE BUYER CREDIT LOAN IN
HONG KONG DOLLARS OR OTHER WAYS OF MINIMISING THE
EXCHANGE RISK.
THE BRITISH GOVERNMENT WILL, OF COURSE, PROVIDE ALL
ASSISTANCE THAT IT CAN TO FACILITATE EXPORT OF COAL
FROM CHINA AND SALE OF UK MINING EQUIPMENT TO CHINA.
A TEAM LED BY MYSELF TOGETHER WITH LAZARDS, WHO ARE ADVISING THE DEPARTMENT, WISHES TO VISIT SIR LAWRENCE
TO DISCUSS BEST MEANS OF IMPLEMENTING PROGRAMME.
THIS WOULD INCLUDE THE FEASIBILITY OF INVESTMENT BY UK
IN NEW HONG KONG COMPANY (WHOSE OTHER SHAREHOLDERS
MIGHT BE CHINA LIGHT AND POWER; PEPCO; AND INVESTING PUBLIC) WHICH WOULD PURCHASE FACILITIES. THE OBJECTIVE
WOULD BE FOR THE PROJECT TO BE SELF FINANCING OUT OF
FUTURE REVENUES.
THESE PROPOSALS HAVE BEEN SEEN AND APPROVED BY THE PRIME MINISTER.
WE HOPE THAT SIR LAWRENCE WILL CONSIDER THAT THEY HAVE SUFFICIENT
ATTRACTION FOR HIM TO WELCOME DEPARTMENT OF INDUSTRY AND BRITISH INDUSTRY TEAM IN HONG KONG TO NEGOTIATE FURTHER AT A SUITABLE
DATE BEFORE END JUNE.
LIPPITT
Deputy Secretary Department of Industry
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