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EXHIBIT "B"

MENDES & MOUNT
(Successors to Duncan & Mount)
27 William Street
New York 5, N. Y.

June 2, 1948

Jacques Seligmann & Co., Inc.
5 East 57th Street
New York 22, N. Y.

Att: Mr. O. A. Liechti

Underwriters at Lloyd's
Fire: Brown's Warehouse, March 4, 1948
Our File: 95,671

Dear Sirs:

Confirming telephone discussion between you and our Mr. Pladeck on June 1st, we are pleased to advise that we duly submitted your claim in connection with the loss in caption to the Underwriters, and have now been instructed by Messrs. G. McKay Morant & Co. that the Underwriters have agreed to settlement of the full amount, this however to be without prejudice to Underwriters' position in connection with any other claim heretofore or hereafter arising under the policy.

In this connection Underwriters state that, as a matter of principle, they do not feel that they can recognize any claim representing commissions in respect of unsold goods. They feel that to admit such a claim in principle is to create an improper interest by an Assured in the loss of property entrusted to it for sale and safe custody. They do not think that this general principle should be varied in any case, or with respect to any Assured, and therefore say that the basis for future settlements under your policy should be amended. Accordingly, we have been requested to advise you of Underwriters' thoughts in the matter, and also to convey to you Underwriters' suggestion that you give this general question your consideration, and advise them as soon as possible in what manner the policy can best be amended for the future, so as to give the utmost satisfaction to all parties interested.

Subject to the above remarks, we are pleased to enclose our check to your order for $8,305, in settlement of your claim, without prejudice. Tender of this check, and your acceptance thereof, is conditioned upon the return of three (3) executed copies of the attached discharge, which we trust you will find in order.

Yours very truly,

/s/ Mendes & Mount