Dangos 3623 canlyniad

Personal. The new approach to Bacon; the hesitation of recipient and Hall as to the policy of reducing the make; instructions as to what to make at the works; Maher's dubious claim for a stipend against Cyfarthfa.

Sends a copy of Letter 127, in which a Bill had been enclosed, and intimates that the Bill, if presented, would not be paid until its receipt had been acknowledged.

Details of two final propositions put forward for Bacon's acceptance or refusal at a meeting on the previous night. Bacon is hesitant. In the event of a purchase of the rentals being made by the writer, recipient is asked to become partner in the landlordship to avoid the distrust involved in a landlord-tenant relationship.

A rebuke for the hasty and ungentlemanly observations in recipient's reply to Letter 141.

Announces purchase of Bacon's entire interest in Cyfarthfa for £95,000, to be paid down in cash on completion of the sale; and confirms the proposals for joint ownership made in Letter 145. "It is absolutely adviseable that the Surplus Rental be taken on Cyfarthfa joint account", the ownership of the basic rental being immaterial.

Concerning instructions to Kaye to draw up an agreement between Bacon and Crawshay and Hall for the purchase of the surplus rentals (valued at £3,225) for £32,500; suggestions as to how recipient may pay for his share in the purchase; the possibility that Bacon may sell all the rest of the rentals (valued at £5,000 a year) for £60,000, of which possible purchase recipient is again offered a proportion.

Announces the purchase of Bacon's entire interest in Cyfarthfa; concerning arrangements with Hall, celebration of the purchase, and routine business matters. "Thus Cyfarthfa is emancipated, if Mr Hall will conduct himself as I expect and hope he will. The Power now is mine and I will use it honourably; Innisvach will blow on and a third Cyfarthfa be prepared to exhibit her light, the fourth shall follow in due time. A new engine ...".

All is settled between the legal representatives of Bacon and the writer; it remains to pay on March 1st.

Acknowledges recipient's letter declining any share of the purchase of the rentals, assures him of fair treatment, and makes an offer of £40,000 for recipient's Interest in Cyfarthfa, the money to be paid over a period of 36 months. "I am so deep now in that Concern that I may as well go deeper if you wish it".

Instructions as to firing No. 3 furnace, keeping Innisvach going, obtaining plenty of pigs and bars, the Celebration arrangements for the men, the Romney Metal, the possible settlement with Hall, and recipient's attitude. "Your rejoicings, your Attachment to the Concern now it becomes more our own, and your determination to be more attentive to quality and Yield and to protect our men from seduction are very gratifying to me and afford me some Consolation for my parting with my Independence in Fortune and the nonapproval the measure meets with from the other branches of my family. I shall in consequence become a slave again ...".

Deplores the delay in completing the transaction and urges avoidance of it, more especially as he has sold stocks to have the money in hand.

Informs recipient of the delay in the transaction, and instructs him not hasten the blowing of No. 3 Furnace as Bacon gets the benefit of the surplus rental until the sale is complete. Routine business.

Acknowledges recipient's letter declining to sell his share in Cyfarthfa; concerning execution of a proper lease to the tenants of Cyfarthfa; the delay in the purchase of Bacon's interest.

Concerning Halls refusal to sell his share in Cyfarthfa; the blowing of the No. 3 Furnace irrespective of Bacon being still landlord; and the legal delay.

Contsults recipient on the propriety of putting No. 3 furnace into blast, as the writer has ordered and preparing to push the Works to their utmost in view of the prospect of increasing price. Gives production figures for the previous 12 weeks.

Requests Gwynne's Lease and Agreement to be sent immediately, also furnace and other papers, and estimates and plan relating to the new mill. Mr Taitt wishes the advance in (iron) price to be 40/- per ton, and recipient is urged to bring Mr Hill to the same view; and is instructed to blow in No. 3 furnace, prepare another to follow. Routine business.

Expresses surprise at recipient's disapproval of putting No. 3 furnace into blast and explains his reasons. Points out that recipient always dreaded the reduction of make because of the heavy "Common Charge" (i.e. Supplementary or Overhead Costs); that the policy was only advocated to bring Bacon around; that it had never in fact been put into force. The blowing will be suspended until recipient acquiesces.

Concerning the attitude of Hall, copies of whose letters are sent, to the blowing of No. 3 furnace; orders the furnace not be worked unless 'Mine' (i.e. ore) has been put on. "All will see who is the blight of Cyfarthfa".

Remits in payment of a quarter's rent, less tax, but casts doubt on correctness of the demand for it.

Instruction as to striking the Balance; thoughts on the Meeting at Gloucester and the advisability of seeking a 20/- rather than a 40/- advance in prices. "The Staffordshire Works would immediately revive and innundate this market with Bars if tempted by 40/-. The advance of 20/- will therefore be a safer Game and with the Quantity we have to sell a surer".