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Worms & C°

Cardiff, 23rd May 1917
Messrs Worms & C° - Paris

Dear Sirs,
We asked Messrs Burness to tell you this morning that we learnt in confidence, that the Management Shares in the Steamers recently referred to by us, had been snapped up by Messrs Hansen Bros., who are about offering the Shareholders £100 for each £50 share.
The Fleet in question is that of Messrs Nichols who are explaining to the Shareholders that they are going out of business owing to their inability to retain their staff, who including Sir Edward's Partners, have been called up by the Military Authorities despite all protest. With the utter lack of eligible experienced substitutes, and the practical certainty that if any were obtained, it would be impossible to keep them, they prefer to go out of business. These arguments are perfectly true, but the fact that Messrs Nichol have made large sums of money, which they no longer care to risk, may also be an important factor in this decision.
Others contemplate acting likewise. What staff is left, like the Offices on the Flat below us, are we understand being taken over by Messrs Hansen. How they will manage we cannot say, for Mr. Arthur Robinson has had to rejoin the Army, and Mr. Sven Hansen's exemption (the other Partner) expires in a fortnight's time.
Yours very truly,

G. W. Moore

1.30 p.m. News of the above leaked out on Cardiff Exchange at 12.45, and ran through the place like fire in time of drought.