Translations:CP 02992/32/en

You are very kind (and I fear a little mocking), when you say you read my letter with interest; because there is nothing more boring, except on the part of the questioner, than these requests for advice. But you can easily understand that in my case I read your reply with great interest, because in it you deal with general questions, such as the exchange rate, which I read as if it were an article in the Revue de Paris, only better written. In the meantime the director of the Agence du Crédit Industriel has come back from three months’ leave and sent me a detailed table of gains and losses. I should just say losses because nothing has gone up. On taking a closer look at the Rothschild account (I wanted to send you it but I was afraid of boring you to death) I see that the Jutland and the Dutch have too little presence to be of any use. On the other hand might large groups of Bank of Spain, Rio, La Plata, Santa Fé, Chilean 5%, Russia, perhaps benefit from the point of view of exchange rates? Don’t trouble yourself writing back to me. I’ll ask the Crédit Industriel and shudder that he might tell me that I need to sell. Because then I will have to confront Monsieur Neuburger. As for the shares that are not giving any interest, such as the Doubowaïa Balka, I would naturally prefer to sell them. But the capital has fallen too low. As for the Gold Mines, I don’t know if the war will profit them. But then they provide a good income.