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Formerly 'Bound Manuscript, Volume No. 1.'.

W(illiam) C(rawshay), London, to Benj(ami)n Hall, his son-in-law, proprietor of the Rhymney Iron Works, and co-partner in the firm of Crawshay and Hall. Concerning two visits to himself of Richard Hill (of Plymouth Forge Company) and a meeting of South Wales iron masters. The writer and the meeting deplore and oppose Hill's efforts to secure a reduction in price of iron at Cardiff and Newport, fearing a price-cutting war.

Routine business matters, and advice to the recipient to dispose of "Romney Metal" to whatever works will take it. With the firing of a new furnace, the output of Cyfarthfa will increase still more: "We are already now gaining on the Puddlers ... we are every Week stacking Metal and it will not be possible for the Puddlers to consume it".

A second meeting of the ironmasters favoured a reduction of 10/- to 20/- per ton in price of iron but postponed decision to a meeting at Gloster "which is to be held 14 Days sooner than usual at the request of the Staffordshire People, who say they will then attend and endeavour to arrange better for the whole Trade than thus destroying each other". Concerning also cessation of issue of Cyfarthfa Notes in favour of new issue by Pierce and Williams, and the quittance of the house by Mr Bailey.

Concerning sums placed to the credit of various accounts with Bruce & Co., and advice as to the method of paying off the Cyfarthfa Notes by Bills (of Exchange) rather than by any other method; as to the avoidance of all expense; and as to the desirability of ceasing to take "Romney Metal", more especially as [Anthony?] Bacon wants to stop Cyfarthfa from using "Romney Metal with his coal". The Rhymney works must stand on their own legs.

Encloses a copy of a letter he has sent to Mr Hall, and advises recipient that William Crawshay, Junior, will show him Letter 4 above, in so far as it applies to "Romney Metal".

Is unconcerned over Crawshay Bailey's leaving the works and confident in recipient's ability to "fill the vacuum". Various business and personal matters including an injunction to economy in postal expenses and a warning against those who would batten on the wealthy.

Advice on points connected with administration of Cyfarthfa works: "Pray concert with Richard Hill how you and your Neighbours are to effect the Reduction of 10/- per ton in wages or savings to meet this war". George (Crawshay) has started work with sender.

Does not see why there should be loss of Commission and Interest through Peirce & Co. taking up the Cyfarthfa Notes, which recipient should pay off at his own office. Warns that "storms are gathering in every way on every side" and loans and advances must be curtailed to a minimum. [Benjamin Hall] has acceded to an offer of £11 for iron in February, and sender has granted Hall's request to him to take "Romney Metal" at Cyfarthfa until another market for it is found.

Intimating that, in spite of Cyfarthfa's production being greater than the Puddlers can consume, "Romney Metal" may still come to Cyfarthfa, on given terms, until another market for it is found. Comments upon the "enormous" advances made by "Richard & William Crawshay & Co." to Cyfarthfa and upon his determination to do away with the Cyfarthfa Notes.

Intimates that he will not readily pay Commission to the Bankers (Peirce & Co.) for Cyfarthfa "Cash Orders" (Cyfarthfa Notes) and gives advice on writing to (Benjamin) Hall, on cutting ends of bars (?) and bolts, on paying George (Crawshay's) debts, and on never running up debts at all. Personal.

Encloses a letter from Mr Hall together with a copy of his reply (No. 9 above), for recipient's "Government in fixing the price" of the Rhymney metal. Suggests stopping Tonnage payments to the [Glamorgan Canal Company in Midsummer as a means to clearing the Canal's debt to Cyfarthfa, but counsels secrecy on this intention.

Personal and business matters, mainly connected with payment of accounts. Insists that recipient should "make every Payment by Bills on us at 2 months if above £20" and deems the idea preposterous that Commission should be paid to Peirce, Williams & Co. for cash paid by them into "their Bankers for their paper". The Banks should send the notes to Cyfarthfa for payment, and these should be destroyed after payment.

Mr Walsh and his party are coming to dine. Comments on negotiations to fix the price of the "Romney Metal" with John Llewelin, who asks too much and should try to place his metal elsewhere, and insists that Peirce should give up a field required to be put under hay for the works horses; no rent will compensate for the loss of the hay.

The fair price of "extra sizes" in bolts; the price at which the "Romney Metal" should be taken, the advisability of recipient's taking all possible orders owing to the strain on the London House. "We must not buy without selling, no Capital will long stand that".

The correctness of blowing No. I Furnace only when she does well, and of getting iron ore only in proportion to consumption. Concerning the liquidation of the "Romney Account" when possible; the checking of the Cyfarthfa Notes withdrawn from circulation; the sale of "Gwyn's Coed Common Property", and the Cyfarthfa water supply.

A refusal, after inspection of the Cyfarthfa Accounts, to allow payment for the Romney Metal except by 6 Months Bills, because of the low price of iron and the heavy advances from the London House to Cyfarthfa?.

His agreement with [William] Routh [his partner in the London house to take the ?Romney Metal for March on given terms [£11], which will be reduced proportionately if Hill, Taitt or other Makers force a decrease in market prices.

An appeal to recipient not to withdraw any moneys whatsoever from the funds of the London House in order to purchase "Lockley's" or any other estate.