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Worms & C°

Cardiff, 14th December 1918
H. Worms Esq. - Paris

Dear Mr. Worms,
I am obliged by your favours of the 9th and 10th.
In reply to your comments on the Ministry of Shipping it is no wonder you are puzzled, for even people in close touch with them fail to understand its policy, which is neither logical nor consistent. Whilst there is much talk of releasing tonnage, little is being done therein. One 8.000 tonner which arrived our Roads yesterday afternoon, has, it is said, been given back to owners to do what they like with, but in the bulk of cases they will not state when a release may even be expected. Further, French Charterers, who have been during the last few days taking up tonnage of varying sizes on time charter at 22/6d per ton for 3 yrs, certain, are failing to get approval thereof from the British Authorities, owing to owners being warned to keep such boats open. It seems to me that much of it arises from the desire of those connected with the Ministry, being wishful to convert their present temporary employment into permanent ones, or at all events, to retain as long as possible their present administrative status.
Even to-day I gather that the same objections which prevented the purchase of "Hessle" ss operate as strongly as ever. Probably if tonnage has to be acquired promptly, it can only be done by arranging a purchase with an existing shipowning firm, who would retain nominal management and operate the boats after liberation according to the instructions which might be given them through this Branch, or some other of your English Houses. Payment should be arranged for when steamer or steamers come off requisition, and be made through a Bank who, in order to protect your interests, should take a mortgage up to the hilt if possible, or to such an extent as might be found arrangeable; thus you would not appear officially in the matter at all, or even ourselves. This seems a better plan for the present than even floating a Limited Liability Company to take over such tonnage; but I cannot hear of any boats that could be obtained at a price one would consider low enough to warrant your buying; nor frankly even with the best of friends do I care about running too great risks, by letting them remain to all intents and purposes official owners of such tonnage as might be bought, for complications might arise. Howard Jones & King. Your reply is what I expected. It was only at mid-day to-day was able to get speech with them. They talk about £65.000 for "Ashtree" ss and £77.200 for "Cedartreee" ss; roughly £28/30 per ton.
Even they are a bit on the large size, and are far too dear.
W. J. Tillett & Co. Mr. Tillett (Senr) has been away all the week, but I discussed matters this morning with his eldest son, who manages the boats, and who has just recovered from Pneumonia, and is out of touch with his Father's doings. He was much more frank; said the M/S had positively refused to indicate when their only available boats would be released, viz., "Rotherhill", 3.900 tons d.w. and "Fernhill", 3.850 d.w. For neither could he give any indication as to price, and evidently wants to keep them to justify his existence rather than make money, of which he has plenty. He will talk matters over with his Father, and try and bring things to a head.
Purchasers. Seem very abundant, and thus he and other possible Sellers have naturally most inflated ideas.
Furness Withy & Co. Reports as to their intentions are still current, and are somewhat fantastic. Whilst undoubtedly they are eager to further extend, like everybody else, their business the only definite line that they have fixed up, so far as I can hear, is the acquisition this week of the very old established London firm mentioned on enclosed slip, which comes into operation on the 1st January, and possibly pass without the general public having any idea of what lies behind the retirement of two old partners, and the return to business of a third which went out three years ago. I get this information from reliable sources in strict confidence.
Please say nothing to anyone hereon for the present.
Yours very truly,

G. W. Moore