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-2-

It seems possible to me that your seller may successfully apply for an export license covering the painting to be shipped to you and with which he approaches the S.N.B. to obtain Swiss Franc payments against delivery of the Dollars which your New Yorker bankers transfer for his benefit to the S.N.B.

If much license cannot be obtained or if the S.N.B. refuses payment in Swiss France, then a settlement in our currency is impossible. In order to support your purchase contract, you may offer to the sellers to open a commercial letter of credit in their favor which gives them the necessary assurance that the funds will be available as soon as the various steps are taken and the transfer secured. I believe that the letter of credit will have to be opened in Dollars for an amount equivalent to the Swiss price converted at the rate of 4.28. The invoice of your Swiss counterparty can be in Swiss France as the bank will pay in Swiss counterparts can be in Swiss France as the bank will pay in Swiss currency on the promise of the S.N.B. to accept in turn Dollars against an identical amount of Swiss France paid to them.

I hope that you will be successful in your endeavor to bring this business to a conclusion and that this letter contains all the information needed by you.

With regard to the damage done to some of my objets d'art, I must say, that it is of a minor degree and could be mended. The various pieces give me a great deal of pleasure and improve the appearance of my apartment in Basle which, I hope, will soon be visited by you and your wife. The gramophone records arrived safely except for three albums which allowed sea-water damage.

Hoping that you and Mrs. Seligman are well and with kindest regards and best wishes I am, Dear Germain

Yours sincerely
Rudolf Ernst [signature]
Rudolf J. Ernst

Transcription Notes:
much in paragraph 2 should be such, France should be Francs (multiple occurrences), favor should be favour, endeavor should be endeavour (both are spelled accurately in the letter for the time),