Archives
1960.05.31.De James Burness & Sons Ltd.Londres.A Raymond Meynial.Canal de Suez.Compte à demi
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James Burness & Sons Ltd
Burness House, 41, ST Mary Axe, London, E.C.3
31st May, 1960
For the attention of Mr. Raymond Meynial
Messrs. Worms et Cie,
45, boulevard Haussmann Paris (9e)
Dear Sirs,
Following our recent discussions, we now write to confirm the arrangements agreed between us with regard to the accumulated balances we hold on behalf of your Company in connection with Suez Canal receipts and payments.
The sum now due to you in this connection amounts to a total of £260,000 and it has been agreed that this should be repaid to you over a period of 5 years by the following instalments:
(a) As to £50,000 by an instalment payable on or before 15th December 1960, and
(b) As to £50,000 by an instalment payable on 30th June 1961, and
(c) As to £50,000 by an instalment payable on 30th June 1962, and
(d) As to £50,000 by an instalment payable on 30th June 1963, and
(e) As to £60,000 by an instalment payable on 30th June 1964.
In view of all the circumstances, it has been agreed that you should receive a rate of interest of 8% per annum upon the outstanding amount, payable upon the due dates of repayment as set out above: we suggest that the accrued interest in this connection should be calculated as from 1st June 1960. As discussed with you, it is our intention to repay this outstanding amount at an accelerated rate if circumstances permit.
For your information, we confirm that we have the approval of the Bank of England in this connection and, in due course, look forward to hearing from you that these arrangements are acceptable to you.
We are, Dear Sirs,
Yours truly,
James Burness & Sons Ltd