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Buenos Aires, 5th October 1899
G. du Boisduval Esqr
Present

Dear Sirs,
In our proceeding communication expressing our appreciations on the inconveniences of the coal trade in this market, we omitted to touch a point that appears to us of great importance, viz., the convenience of also suppressing the annual contracts to consumers.
In fact, this contracts are not practically executed, except when their prices are below those current in the market, and when they are higher, difficulties are always raised, the client in this last case always finds the method to consume less than that contracted, he finds that the coal is [wrack], that it is small, that it contains [slake], that it does not raise steam, and a thousand other pretexts to refuse cards, this fatiguing the seller until he obliged him to reduce the price, or to disgust him if he will not, besides causing him useless expenses of cartage.
On the other hand, when the market price is higher, it often happened they required more coal than has been contracted for, and not rarely they resell to other parties in competition with the same house that sells them, giving nothing to the clients of the house that they may complain against the same consequence of being able to buy in the market second hand at a cheaper price than the importing house invoices it. But all this inconveniences are resumed in that the contracts are beneficial only to the buyer. You know this very well and it is not worth while to discuss longer on the point.
We now take the liberty to submit to you an idea on a new form of agreement which in your opinion would protect all the interests, avoiding at the same time the inconveniences.
It could be to form a syndicate (between the 4 firms) which would include all the sales on board and onshore at the port of Buenos Ayres. The division of the profits of the syndicate might be 2/7th, 2/7th, 2/7th, 1/7th.
Each month an account should be made of the coal imported by each firm establishing its average cost cif of Buenos Ayres and the difference between the cif cost plus [...] gold per ton to cover expenses of administration, brokerage, labor, rent, taxes, etc., and the price fixed by the syndicate on cards, wagons, or lighters should be deposited to the funds of the syndicate for division.
For the loss, on part of the loss not liquidated an J.O.U. should be deposited for the corresponding amount and taken up in due time.
This is our [...] idea that you can enlarge and improve to submit to the consideration of the meeting. Our conviction is that this form would probably remove all difficulties avoiding any our firm seeking to [praponderable] in the market most than the others, and it would also avoid the setting up of so many small competitions such as the resellers since we should all be in the same mode interested in not creating this competition.
Wishing you a prosperous voyage, etc.

Eduardo Risso & C°