THOMAS COOK AND SON, LTD. Memorandum by Chancellor of the Exchequer.

-2- ###easury The final condition was that the Railways should undertake to keep in the forefront the national publicity value of the organisation and not to treat it simply as a booking agency. This point is dealt with in a formula in a letter, agreed with me in advance, as follows:- "You appreciate, I think, that the terms of agreement for the acquisition of Thomas Cook & Son Ltd, contemplate the formation of a subsidiary company of Thomas Cook & Son Ltd., which would take over the overseas business of that Company and in which the Custodian of Enemy Property, as representing Wagon Lits, the previous owners, would have a 25 per cent.