CONFIDENTIAL
Hkk 178/2
IND
BRITISH OVERSEAS TRADE BOARD
DEPARTMENT OF TRADE
n Takei
No
1 VICTORIA STREET
LONDON SWIH OET
TELEPHONE DIRECT LINE 01 215 5701
SWITCHBOARD 01 215 7877
ATTACHEY
14
RJT McLaren Esq
Hong Kong & General Department
FCO
London SW1
Pear Pelin
HONG KONG MASS TRANSIT
26 January 1979
We left it at John Lippitt's meeting on Wednesday that I would let you have the possible draft of a telegram to the Governor from Sir Michael Palliser in reply to the Governor's telegram no 150 of 22 January.
You will have seen the exchange of telegrams resting with Derek March's telegram to me - Creda 39. Yesterday, as a result of a number of telephone conversations, the arrangements put forward in our telegram Creda 19 were built out to give MTRC a guarantee of minimum interest relief of US$6million. ECGD and Lazards are now working flat out to draw up detailed arrangements for the financing of the contract on the assumption that we would like to draw down the loan three weeks after a positive decision by the Mass Transit Corporation to award the contract to Metro Cam. If indeed such a decision is taken on 5 February, this would mean that the target for the loan drawing would be approximately end- February. I gather that the technical problems involved are considerable. However, we have so often managed the unmanageable on this contract that I cannot forbear to remain optimistic. As I understand it, Thompson now feels able to say that in all respects Metro Cam's offer matches that of the Japanese. draft to the Governor assumes that he will have been kept informed by Derek March.
My
I am copying this letter to John Lippitt in DoI and to Malcolm Stephens in ECGD.
D N ROYCE
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