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Worms & C°

Cardiff, 14th February 1918
(Thursday)
Messrs Worms & Co. - Paris

Dear Sirs,
Tonnage. In strict confidence we learn that, despite incredible exertions, Messrs A. Capel & Co. have failed to deal with the steamers offered them by Messrs W. & C. T. Jones, who are led to believe that the difficulties are caused by the British Authorities Anyway, former has been given a further entension of time to arrange matters, which late last evening had been fixed for noon Tuesday next, but, we understand, if accepted then, a much higher price may have to be paid. This, notwithstanding, the fact that many Shareholders are now insistent that the boats shall be sold, and the proceeds divided. Many shareholders, rather than risk the chance of seeing the proceeds locked up by the Managers indefinitely, with a view of buying fresh tonnage later on, are accepting £5 per 20/- share, which is what Messrs Jones are offering. Anyhow, latter by the Company's articles of Association have the whip hand, and can do practically as they like, under said document, and the fact that they hold the majority of shares. If it would suit you to buy the whole fleet, or even four vessels of the real Collier type, that is to say, vessels without tween decks, we could without doubt, should Messrs Capel fail to arrange transfer, obtain an offer of them for you for delivery as soon after the termination of existing hostilities and present Government control as circumstances would permit, despite the fact that several other people would like the chance thereof. Mr. Jones and Mr. Matthew are considering whether they can tomorrow or Saturday put the writer in possession of full data as regards particulars of said 4 vessels and price thereof, so that Mr. Worms may have something concrete to consider, Further, whether means could be devised for you to take them over earlier, and Mr. Matthew manage, said four, for your account and benefit. If so, on what terms. As regards the double decked vessels which are more suited for goods carrying, those they would prefer to keep themselves or sell to other people who are prepared to pay such prices as would make coal carrying a futile employment for such tonnage. We are rather afraid that amongst such buyers the Messageries Co. figure either directly, or through Messrs Capel.
In conclusion, the British Authorities are so determined that tonnage presently British shall remain such, that we are very much afraid that however well planned any buying arrangements may be framed, that they will be rendered of no avail, unless a limited company be formed, British capital to be used, and British control only be provided for. This we will discuss with Mr. Worms later when we see him. Meanwhile, we remain, dear Sirs,
Yours very truly,

G. W. Moore