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[[preprinted letterhead]]

P.&D. COLNAGHI & CO LTD
(ESTABLISHED 1760)

TELEGRAMS: COLNAGHI,PICCY,LONDON

TELEPHONE: REGENT 1943-44.

DIRECTORS
G.MAYER,U.S.A, NATURALISED 1923.
J.J.BYAM SHAW,M.A., BRITISH.
H.J.L.WRIGHT, BRITISH.
D.C.T.BASKETT, BRITISH.
R.Q.HENRIQUES, BRITISH.

14 OLD BOND STREET,
LONDON, W.1.
[[/preprinted letterhead]]

26th February, 1951.

JBS

Germain Seligman, Esq.,
Messrs. Jacques Seligmann & Co. Inc.,
5 East 57th Street,
[[underline]] New York (22)[[/underline]].

Dear Mr. Seligman,

Many thanks for your letter of 12th February enclosing the seven photographs, which I have studied with interest.

The drawings which interest me most are [[underline]] The Camel [[/underline]] attributed to [[underline]] Huet [[/underline]], and the [[underline]] Isabey [[/underline]] gouache.  But before going any farther I ought to say that I rather stupidly imagined the drawings were in Paris, and that the question of a dollar payment would not arise in the case of our purchasing any of them.  A dollar payment would at the moment be difficult, because we have drawn very heavily in the last year on our hard currency allowance in order to get a large and important collection of prints.  I rather think, therefore, that if there is no other possibility, we shall have to abandon the idea of this particular business for the present, and hope that the currency situation will improve in the future.  I feel I owe you an apology for not having considered this point in the first place. [[strikethrough]] and [[/strikethrough]] I expect that in the meantime I had better send back your photographs, and am sending them under separate cover.

With kindest regards,

Yours sincerely,

[[signature underlined]] J. Byam Shaw [[/signature underlined]]