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Worms & C°

Buenos Aires, 9th February 1914

Per s.s. "Principe di Udine"
Via Barcelona

Messrs Worms & Co Paris

Dear Sirs,
We confirm our respects of 31st Dec, 8th, 15th, 22nd, 28th, 29th and 30th ulto, 4th and 6th inst.
We have to-day your favour of 16th ulto.
We are writing by this early mail to give you what little news we have as to Capurro. We have received a visit from the accountant appointed by the Court to verify his books - and we learn that the meeting of the Creditors has been fixed for 5th March.
The intervening creditors named toy the Court to assist the accountant, are the Banco de la Nacion and ourselves. We have consulted Dr Edye as to whether we should accept this honorary appointment and he is of the opinion that it would be better to do so. At any rate we shall have at first hand news of all that results. We cannot yet form any very definite idea of what will result when the creditors meet. It is to be supposed that either an agreement will be come to accept a composition of so much per cent, or the debtor will be made bankrupt. In the former case, our Mortgage would be paid in full with the interest, and the balance of what he owes us would share in the final liquidation of the Estate.
If Capurro is made a bankrupt, our Mortgage rights would still remain subject to the sale of the property involved and the balance would follow the final liquidation in bankruptcy.
Dr Edye is to see Dr Gallo, Mr Capurro's lawyer, today, to find out what his views are. As far as we can see, unless someone comes forward to take over the Sugar Estate, the whole will have to go into Bankruptcy.
It does not seem as if we should know anything definitely until after the meeting of the creditors on 5th proximo.
Stocks. The Coals sold are going out more or less regularly. We are doing our best to keep the receivers up to the mark, the only marked delay is that of one of the re-sellers taking out carbonilla.
Corys have still some 450 tons of small Cardiff to take out on account of the 600 tons sold them.
The reason we told Mr Edbrooke that this coal was somewhat small, was that we could not possibly represent it to him as anything else. Had there been the least shadow of an excuse for calling it even thro: and thro: we should certainly have done so. We are asking him to hasten the taking of the balance.
The depots. We regret to say that up to the present Dr Edye has not made much headway with the canceling of the leases. Mrs Lanus Brothers the acting owners of the depot "Irala" say that their mother who was the owner when it was leased to us, has since died and that they are 8 brothers and sisters who inherit, some of them are in Europe and until the Estate is settled they would not take the responsibility of canceling the lease - altho: they would accept an approved tenant in our place and thus far assist us. Dr Edye will however see them again, meanwhile we are seeking a tenant in every way that we can think of. As to the Devoto Depot, we are still waiting Mr Devoto's reply from Europe, Dr Edye was to see his lawyer this p.m. and we may yet have something to say before we close this letter.
Obras deposit. We have made no further sales of our "interno" bonds - the Market is stationary at the moment, the last paid being $90.20.
Power for transfer. This we now have by registered post. We are at once proceeding with the necessary translation and registration, after which the transfer will be properly and finally executed.
We enclose. The auditors for the DKD deliveries - last or: our local bunker return for the last year.
We withdrew from your favour under reply.
We are Dear Sirs,
Yours obediently

[Signature illisible]

We also enclose.- -Shore Pool Stat: for Dec: - and our returns to the auditors for the same month.
The depots and Mr Capurro's lawyer.- Dr Edye telephones to say that it has been so far impossible to see Dr Gallo, Mr Capurro's lawyer, but he is trying to make an appointment with him for tomorrow.
As to Mr Devoto's lawyer, the position is the same, he has not been able to see him today but is hoping to do so tomorrow.
This gentleman had promised that as soon as he received a reply from Mr Devoto he would advise Dr Edye but as he has not made any sign it will be necessary to call on him again. Mr Devoto's address is in Paris but it is quite likely that he is not there at the moment still cabling to that address is the only means that they have of getting in communication with him.