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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 desla with the point.
No doubt you have heard also that the Nationel Jity Bank over here is extremely alert and moh more progressive than we have ever seen American banks to be in regard to export busines and I know that they and the Texaco are very good friends, 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 Texaco's men, may indeed bring forth a demand upon us to finance through american banks, conditional upon the definite acceptance of Reisa's appointment.
Now, as good nurses like to apply a solatium for healing possibly wounded pride, 1, for my part, would not mind to allow Reiss even a share in the profit which, socording to our contract with the Texaco, is due to us in case the oil is sold at a profit on its coat price, and, provided Carroll agrees, you are empowered to make this offer to Reiss.
This clause of our contract with the Tezado reads: "Any profit which my result after all expenses, handling and distributing charges and commission, as hereinbefore men-
tioned, have been deducted and the 011 paid for at the in- voice value as of date of shipment shall be divided equally between the Principale and the Agents."
and I myself would not wind to give Reiss one half of our prožit under this clause.
It may be to our advantage even to thus stimulate Reis's activities, in the interest of all concerned,
ky partner, whom I
*m 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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