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7th August 1894

Dear Mr Stapledon,
As regards the Port Said coal contract I quite understand your idea, wiz. that whatever our contract price might be we should allow Mr. Holt so much per ton off that and I need not say what pleasure it would afford us to be thus enabled to give him some advantage over his neighbours so as to show him our appreciation of the long and much valued support he has extended to our firm. But do believe me, my dear Mr. Stapledon, that system of returns which is practically what you are suggesting is about the worst and most dangerous thing we could possibly introduce into our business, and it is not without long and mature consideration that we have always set our faces against it as we consider it cannot be reconciled with that respectability of principles with which we have ever endeavoured to do our work...
We are satisfied that the good name we enjoy and I may perhaps be allowed to add that the respectable mariner in which coal business generally is conducted at Port Said as compared with some other depots are greatly due to our being there and to our having from the very first done everything in our power in order to put our foot down on that return system which it may be that some our neighbours are still practising secretly, but I feel certain they are in the long run no better off for it and anyhow I would not change our name for theirs.
As you know there is no one in the world whom we wish so much to meet in everything as Mr. Holt who has always been not only a, staunch but a good and just friend of ours, and I think we gave you a proof of that when we made our last financial arrangements, but do allow us to remain true to the colours under which we have sailed so far, which are known to all and a change in which would I feel sure diminish us in the eyes of our friends, may be indeed in your own!
I remain, Dear Mr. Stapledon,
Yours very truly

H. Goudchaux

Wm Stapledon, Esq.
Lakenham - Northam, Bideford (North Devon)