Dear Velikovsky,

please instruct me regarding the employment of the royalties from Germany. May I now propose more definite steps toward the establishment of the Velikovsky Institute?

Meanwhile the money will be kept in a special German Marks (DM) account. For the last few months our currencies (Marks and Swiss Francs) have steadily been gaining on the $, which of course is to your advantage. But on the DM-account there will be no interest and 1/2 % commission to the bank, while leaving it in Germany on account there would be interest, but connected with all sorts of international tax agreements etc., again connected with higher costs.

If we agree regarding the Institute, the money for the time being may be converted into Swiss Francs and thus receive taxless interest for the Institute. If you let me act in a preparatory way I shall contact the lawyer I mentioned to you in an earlier letter to first of all advise us on the further steps to take.

With friendly regards, yours

Marx