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1960.06.03.De James Burness & Sons Ltd.Londres.A Raymond Meynial.Canal de Suez.Compte à demi
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James Burness & Sons Ltd
Burness House, 41, ST Mary Axe, London, E.C.3
3rd June, 1960
For the attention of Mr. Raymond Meynial
Messrs. Worms et Cie,
45, Boulevard Haussmann, Paris (9e)
Dear Sirs,
With reference to our letter of yesterday's date regarding the arrangements for the repayment of the Port Said balances, the application to the Bank of England was made by our Financial Advisers on 18th May last.
The matter was put to them that a credit of £288,811.18.6d. had been held in suspense in our books which arose as a result of accumulated balances being the differences between sums received from various Shipping Companies as payment for Suez Canal Dues and disbursements between 1952 and 1956 and sums paid to the Suez Canal Company in London. This money was collected by us in the name of Worms et Cie., Port Said, who were then a branch office of Worms et Cie., Paris, but later Worms et Cie, Port Said, ceased to be a branch of Worms et Cie., Paris. This money was held in our own banking accounts in suspense depending upon clarification as to how much of it belonged to us and how much to Worms et Cie., Paris.
At a recent meeting in Paris in order to clarify the position, it was agreed that £28,811.18.6d. properly belonged to James Burness & Sons Ltd. for work undertaken by them and that the balance represented the amount due by James Burness & Sons Ltd. to Worms et Cie., Paris.
Our friends went on to state that they had enquired into this position and were satisfied as to its correctness; they gave details of the suggested method of reimbursement as set out in our letter to you of 31st May and on the 24th May the Bank of England gave formal permission for the sum of £260,000. to be repaid to Worms et Cie., Paris, upon the terms stated.
We are, Dear Sirs,
Yours truly,
James Burness & Sons