Translations:CP 03100/7/en

In my opinion, the best thing to do would be to (happily) accept your banker’s offer and see to it that he tries to pay the lowest possible amount to the Crédit Industriel (by immediately selling off the Carpet and the unsold Mexico stocks, the Banco Español del Río de la Plata for example). - (For Doubowaïa I am told that it’s performing well at the moment. As you can imagine). Once we have decided on the amount that will remain to be paid to the Crédit Industriel, without worrying if they are guaranteed shares, or whether they are Rothschild or Hauser shares, we would give your banker the best-performing ones up to the price he asks. For example, if the top-quality Rothschild and Industriel securities were not enough, we could make it up with some of the 5% you bought from me, even if it means replacing it with an equivalent amount of less solid Crédit Industriel shares (preferably taken from the 2080 account because I opened the other one so recently).