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September 5th, 1934.

Dear Gentlemen:
  Your letter of August 25th., addressed to Mrs. T. D. Parker has been referred to me. You will realise that leaving to us to judge of the business conditions to prevail in America towards the end of December, puts us in a very delicate situation, as we assume thus, a considerable moral responsibility. 

I must say that since our conversation of February of this year, and contrary to the belief I had then, conditions in the United States do not seem to have improved. I personally would go so far as to say that I feel extremely pessimistic and fear a very bad season - In view of this, would not recommend an exhibition of Rackham's work, if the matter should be put up to me at present. This, I am sorry to say, is the way I feel at the time I am writing to you. 

Should we, however, stick to our previous arrangement, I would be pleased to hold the exhibition towards the second half of December. I would be grateful to you for an early reply with your final decision. 

I do wish to take advantage of these lines to tell you what a pleasure indeed, it was for me and my firm to co-operate with you and your galleries in holding the exhibition which just closed. I deeply appreciate your spirit of collaboration, and though we did not succeed in selling any of the drawings or water-colours we exhibited, I do hope that it will be but one step towards greater co-operation which at some time or other will bring results. 

With best regards, I am, 
Yours very sincerely, 

(Germain Seligmann)

Messrs. Ernest Brown & Philips, Ltd.,
The Leicester Galleries,
Leicester Square, 
London, w.c.2, England.