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J/L Paris, June 26th 1923

Ledyard BLAIR, Esq.
24 Broad Street
[[underline]] NEW YORK CITY.-U.S.A.[[/underline]]

My dear Mr Blair, 

I find that the account which you give me by your letter of June 7th. does not agree with that which my secretary in New York, gives me; but we have still the commode which you gave us in payment, and consequently I propose to do the transaction in the following way :

I will return you that commode which you gave us in payment of Frs 240.500,--, and instead of 515.500 francs, which you paid us in different terms : one 1/2 cash and one 1/2 on December 31, 1920, I will return you 400.000 francs cash for your commode and your Marin Busts .

Does that suit you ?

You must admit that this is a very fair offer, and in fact, constitutes for you an absolute minimal loss. If you like, I will pay the money here in Paris, at your Bank, so that when you come to Europe you will have some francs at your disposal.

I am awfully sorry that the Louis XVI tables which my brother sold you are too dear for me. You remember that I told you, times ago, that your Clodions have been a very bad purchase. Why do you not ask Duveen to take them back with a certain loss ?