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be unable to compete with Lombard Street, seeing that the immense wealth of practically the whole British Empire was stored in Lom- bard Street, and so on, The enclosed extract from a letter which I wrote them on the matter of exchange settlements further deals with the point.
No doubt you have heard also that the National City Bank over here is extremely alert and much more progressive than
we have ever Been American banks to be in regard to export busines and I know that they and the Texaco are very good frienda, are in fact financing for them much of their South American business.
Reiss's obstructive attitude is indeed deplorable from every point of view. The delay caused thereby, and these ideas having got hold of the Texeco's men, may indeed bring forth a demend upon us to finance through American banks, conditional upon the definite acceptance of Reise's appointment
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Now, as good nurses like to apply a solatium for healing possibly wounded pride, I, for my part, would not mind to allow Reiss even a share in the profit which, according to our contract with the Texaoo, is due to us in oase the oil is sold at a profit on its cost price, and, provided Carrol agrees, you are empowered to make this offer to Reiss.
This clause of our contract with the Texaco reads: "Any profit which may result after all expenses, handling and distributing charges and commission, as hereinbefore men- tioned, have been deducted and the Oil paid for at the in- voice value as of date of shipment shall be divided equally between the Principale end the Agenta,"
and I myself would not mind to give Reiss one half of our profit under this clause.
It may be to our advantage even to thus stimulate Reiss'8 activities, in the interest of all concerned.
My partner, whom I
am sending a copy of this letter by even mail, will tell you
whether he agrees to make Reiss this offer
—
little as they deserve
!
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