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View of the inner courtyard of the Bourse de Commerce in La Rochelle, with its columns and stone balcony, under a cloudy sky. Printed text at the bottom: '12 LA ROCHELLE - Bourse de Commerce - Cour de Terrasse'. Reverse: handwritten address to Madame Dupcuy in Arcachon, 40-centime blue stamp, and postmark of La Rochelle dated 23 May 1932.