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Worms & Co.
45, boulevard Haussmann
Paris, [...] December 1933

Dear Sirs,
Referring to our circular of December 1932, we beg to advise you that Mr William Torry, who is at present acting in an advisory capacity to our Newcastle office, will be retiring definitively from our Firm at this end of this year.
In appreciation of the long and loyal services, which M. William Torry has rendered us, we have decided to appoint him as honorary manager of our Firm.
Mr Robert Chambers will continue as manager of our Newcastle office, assisted by M. Lucien Charles Tomlinson, whom we have appointed as sub-manager as from the 1st January 1934.
Mr William Torry will remain.
We are, dear Sirs,
Yours truly.

Worms & Co.

Mr Robert Chambers will continue to sign: P. Pro Worms & Co. [signature]
Mr Lucien Charles Tomlinson will sign: P. Pro Worms & Co. Robert Chambers per [signature]