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The unwillingness of the partners in the London House to embark on the Rumney Venture, which would require an outlay of £200,000 in Capital and which, if run for recipient and his father only, would revive the discord recently removed by the partnership rearrangement. Recipient's father if the proposal is abandoned, will attend the sale and force up the price to an unprofitable level for Bailey.

An account of what passed between himself and recipient's father on his reporting the Gloucester meeting to the latter, when the latter violently attacked the meeting and charged it "with supporting a ruinous and dishonest system of extortion", and declared that far from wishing to oppose the Joint Stock Companies he wished them to succeed. His attempt to explain that recipient had not allowed the subject of an increase in price to be discussed at the meeting.

Concerning the acquiescence of recipient's father in the sale of iron at £5. 10s. per ton; the prices of pig-iron at Cardiff and in London; the iron stocks of various firms at Liverpool and the general prices there. Routine advises.

Concerning business to be transacted at Glyn's (bank) for recipient, who is advised that money is dear and might be used more profitably.

Observations on Letter 464 and an account of the arguments adopted by recipient's father in conversation with the writer; the father seems to treat the proposal as an attempt to turn him out and enquires why attention is not given to George and Richard Crawshayth, ones who have never worked; he would continue in business in the Paul's Wharf Warehouse if bought out of George Yard. [Inscribed on Letter 466(b)].

Concerning the difficulty of selling ballast, and other routine business advices.

Sends copy of a letter from the Fontine Iron Co., Coalbrookdale, announcing that the Shropshire irormasters have agreed to advance pig-iron by 10/- and bars by 20/(to £7;) his hope that this will bring more orders to the London House at £6 and that recipient's father can be persuaded to take them. Routine advices.

Sends copies of Letters 537(a) and (b) and deplores the unsatisfactory position created by Bibby: their only satisfaction is that Bibby is safe.

The probability that an advance in price will not appear for two months, although the output of iron is certainly less than the consumption; the continuance of Bailey and the British Iron Co. at £5. 10s; the demand of the Staffordshire ironmasters for a 5/- advance. Routine advices.

Routine advices relating to orders and convocation of the Bute Canal Committee. The remark of recipient's father that recipient can be sole proprietor of the works whenever he can engage to buy out the father's interest.

Sends the copies of Letters 538(a) and (b) for recipient's information.

Concerning underselling by Guest and Hill at the risk of incurring bad debts; the coming failure of Gasebrook and Munro with whom Guest is deeply involved; the attitude of recipient's father to the men; and his belief that a rise in wages, by forcing up prices or by causing bankruptcies, would benefit stockholders. Routine advices.

The difference between himself and George Crawshay as to the correct interpretation of the wishes of recipient's father: George Crawshay considers his father to have peremptorily ordered the firing of the furnaces; the writer considers otherwise. [Vide Letter 679(b)].

Reporting the debate in the House (of Commons) on Littleton's motion against the "Truck Masters" which was carried by 197 votes against 27, Hume leading the opposition and being cheered by Thompson and Guest, "Ought not this to be known in your neighbourhood?" [Vide Letter 479].

Sends particulars of the Navy Contract (inscribed on the Letter) and copies of the last correspondence with Bibby. Concerning an offer of a berth for young Davis and the probable cost of his outfit.

Sends copies of the Acraman correspondence now concluded by the withdrawal of the original offer of £5 2s. 6d. to him. Concerning a berth for young Davies. Routine matters. [Inscribed on Letter 549(a)].

Routine business advices; the fewness of enquiries as to price even in spite of the partial stoppage in Staffordshire. [Added by Robert Moser: - personal, concerning recipient's son, Robert].

Routine advices and business gossip; his belief in imminent trade improvement; Blakemore's fury against the Canal Company [Glamorganshire] for allegedly reducing his output capacity.

An account of his discussion of Major Holford's claim for water rents (against Cyfarthfa) with Thomas Farrar, who is noncommittal and has not taken Counsell's opinion; his suspicion that Meyrick (a solicitor) is communicating with Farrer.

An account of the testing of Mr. Joyce's nailmaking machine which produced 1 1/2 lbs. of nails per minute, and which Joyce may be induced to bring to Wales under a promise of secrecy from recipient. The financial arrangements for exploiting the machine, and the extent to which recipient is offered an interest.