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Worms & C°

Cardiff, 5th December 1918
H. Worms Esq. - Paris

Dear Mr. Worms,
I am obliged by your favour of the 30th ult. and can appreciate that your great needs are of tonnage.
Standard ships are coming pawn in price, which will re-act on the value of others. Everybody seem Buyers of the class you want, and the British Admiralty are still indisposed to fix any date when such tonnage will be released from their service. The Ministry of Shipping and the Treasury are as firm as ever in their refusal to sanction the transfer of anything British to other than Buyers of the same Nationality and interests. One of your English Houses could promote of course a Limited Liability Company with British Managers, but even that procedure might be blocked by the Treasury if the Funds to operate such Co. came from outside the Country; the idea of course being to fructify British Trade and monies, and enhance British taxes.
I enclose herewith particulars of a number of boats on sale. In my opinion prices wanted are in every case far too high. I find the "Hessle" business is not, forgotten amongst sellers  or brokers, and thus am at a disadvantage, in securing offers.
Perhaps Newcastle or Hull might fare better.
Howard Jones & King Boats. Now number seven I think; the three latest being of about 5.000 tons dead weight. A long time ago a deal with Messrs C. L. Clay & Co. fell through, likewise another some months back with the P. D. Co., which latter wanted the smaller boats for their French Trade; in fact report has it that latter really own them, and that delivery becomes effective on their release by the British Admiralty Service or from date of de-requisition. On the other hand, their Managing man assures me that his Principals are still open to sell the whole Fleet in one lot; is certain his Principals will not at present entertain the selling of the smaller beats, but he is communicating with his Principals who are absent, and will let me know hereon by Saturday mid-day, exactly what they will do. At present they are away on Government business. He professes a great wish to treat with us.
W. J. Tillett & Co. Have four useful colliers. Possibly we may get an offer of one or other, or even all of same.
Our neighbours. The P. D. Co. are reported to be eager buyers S. Instone & Co. ditto; Harrison Sons & Co. have recently bought four medium sized, boats with reserve money obtained from present Fleet known as the Town Line.
Cory Bros. Are backing and filling. Two months ago they almost decided on the purchase of six or eight large steamers to be built on the North-East Coast in 18-24 months time. Our mutual friend, Mr. W. Matthew, to operate them in their interest. Sir Clifford Cory, however, intervened, and decided instead to utilise the money that had been intended for the steamers in sinking additional pits adjacent to their Penrhiwceiber property. Last week however, they again reverted to former scheme, apparently too late to arrange anything, either with Mr. Matthew or the Builders.
Personally it seems to me futile to buy ships at present prices, save those which would become available for trading in the near future, and I quite agree with you that it is within the next two years that shipping property is most essential to us, for during that time the profits earned on the cargoes they would carry, ought to be such as would bring their values so substantially down, as would make the speculation a profitable one, and enable you thereafter to run them with a reasonable return on their reduced value. However, much will depend on what sort of policy the new Govt: may adopt, and it would possibly be wise to wait until after our Election when some forecast of its policy should be available. This however, could hardly be estimated until the middle/end of January.
In conclusion, as a Depot House we have of course to regard how our shipowning clients would take our venturing into a Branch of Trade hitherto let alone by the firm; but so many of the old Houses, which might have resented our doing so, are now out of business and the new comers need not be seriously taken into account, inasmuch as these people seemingly judge everything from the dollar basis, and might rather respect us than otherwise for so doing. Unfortunately the old high standard Shipowner seems to be passing, if not already gone for ever, and we shall have to be extra wary in dealing with many of those now operating tonnage. Still in that respect the firm is as competent to look after itself as ever, and such prospect leaves me unmoved.
I remain,
Yours very truly,

G. W. Moore