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Worms & C°

Cardiff, 10th October 1918
Messrs Worms & Co. - Paris

Dear Sirs,
Ever since you adopted the method of receiving freights on this side, earned by vessels running for the French Government, monies at our Bankers have steadily augmented. You have been daily advised amount thereof, and in July when anything might have happened; thus it was highly advisable for us to be largely in funds, we said, nothing; but now that such menace has passed away, we think well to draw your attention to the fact that to our credit there stands at the N. P. Bank of England Bute Docks £297.124,2.ld. Of same £200.000 has been on deposit with them, at 3% interest repayable at 7 days notice, ever since the 18th July. Possibly you may think it well to close such deposit, and transfer to other uses some of this large sum now in our hands. We throw out the suggestion, anyhow ,for what it is worth, for we could always meet current needs by reverting to the old plan of drawing from time to time, on the L. C. & W. Bank, Lothbury, through Messrs Burness.
We would also point out that the Government is exercised at finding such enormous sums held by business nouses on deposit, a part of which they seem to think, as well as those unusually large current accounts, should support the Country by investing in War Bonds, like the smaller fry are doing so splendidly.
Several local people had a strong tip to so act, last year, which explained the large subscriptions to War Stocks then made public. Of course we shall have to pay income tax on the interest received on aforesaid deposit, and whilst we advocate no policy, unless you transfer part of this ever-growing credit from us elsewhere, you may find it politic to invest in War Bonds, a further issue of which has just been opened bearing interest at 5 per cent; more particularly as Banks may be shortly instructed to loan freely against same. Meanwhile we enclose you cutting from yesterday's "Times" dealing with such subject, and in fact the non-employment of idle capital.
The present favourable Military outlook does away, we think, with the need of keeping so much money, anyhow, in our hands.
Yours very truly,

G. W. Moore