CO129-440 - Others & Individuals - 1916 — Page 598

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Lessrs. Reigs & Co.

March 13th, 1916.

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negotiations for about three weeks as they wrote us on the 8th. Febru- - made it unfortunately quite impossible to fall in with the Hong- kong's Bank expectation as to financing the "Tancred" cargo in London, of which kindly inform Mr. Stabb. The Bank's cable containing this information was dispatched one day after I had financed this ourgo in

New York, in order to be able to fulfil my Company's contractual ob-

ligation to pay the Texas Company upon presentation of documents, and

these documents were

resented to me on the 21st. February.

I need not refer to your first telegram to the Texas Company

Evidently you had not then received my letter of

of the 1st inst.

the 27th. January, which apparently arrived a day or two later as shown by your cable to me confirmed overleaf, and I am obliged for your prompt

answer.

I had no doubt, in my own mind, that the position needed

Berely to be explained to you, for you to fall into line.

You have thus accepted that we go "absolute half share in the

Texas Agreement", as you put it, that is to say we are to share in the commission of 5% and in the half-share of over proceeds, payable under this Agreement. It will therefore be pleasant news for you that the terms of the agreement sent to London (referred to overleaf) are even somewhat better, as I have offered London and desire to stand by this offer although it has not yet been accepted, that you (together with your compradore) should be paid 3% commission on the f.o.b. price; as against the 2 1/2 % which were agreed under the October "heada" and

which, as you are aware, were not withdraw, were at least in force when

I recommended your appointment to the Texas Company and obtained its con-

gent.

Your commission of 3 % will thus be a definite one, whilst

we have to pay out of our quite 1% for banker's commission, i.e.