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12 [[left margin in red]] Paris - La Bakelite [[/left margin]] to do and gave him the reason why. Advised them however to keep closely in touch [[red underline]] with laminated board and be ready to jump in it in case their customer Egli drops them. [[/red underline]] Told them I consider conditions at present totally unpropitious for making a deal between Bakelite Corporation and their Company. [[red underline]] Politically and financially things look worse to me in Europe than [[strikethrough]] immediat [[/strikethrough]] in 1919. [[/red underline]] Told them [[red underline]] France no more than Belgium or Italy or Poland can afford not to balance her budget. Therefore new taxes [[/red underline]] will be necessary They will probably be [[red underline]] put on their industries and [[/red underline]] [[end page]] [[start page]] 13 [[left margin in red and underlined]] Dangerous times [[/left margin]] [[top margin in red]] Surcouf [[/top margin]] [[red underline]] any arrangement made now on any commercial enterprise is like building on quick-sand. Surcouf protests energetically [[/red underline]] and flares up and the way he does it makes [[red underline]] me feel even less inclined to have much to do with his Company. La Valette tells me Surcouf has a brilliant record [[/red underline]] [[strikethrough]] behind him [[/strikethrough]] as an [[red underline]] engineer, [[/red underline]] formerly collaborating with [[red underline]] Giffard [[/red underline]] in ballooning and establishing the mathematical formulae for friction [[strikethrough]] resis [[/strikethrough]] etc. [[red underline]] Is a good mathematician, [[/red underline]] and has an excellent war record as officer in the French Engineering Corps. Lately has been instrumental in [[red underline]] introducing in France new German [[/red underline]]