Gifts bestowed in important letter read out (8)

I believe the answer is:

largesse

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'gifts bestowed' is the definition.
(I've seen this in another clue)

'in important letter read out?' is the wordplay.
'in' indicates putting letters inside.
'important' becomes 'large' (similar in meaning).
'letter read out?' becomes 'ess' (I can't explain this - if you can you should give a lot more credence to this answer).
'large' enclosing 'ess' is 'LARGESSE'.

Can you help me to learn more?

(Other definitions for largesse that I've seen before include "Magnanimous bestowal of gifts" , "Generous disposal of gifts" , "Generosity in gift-giving" , "charity" , "Generosity in giving gifts" .)

I've seen this clue in The Times and The Sun.

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