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Notes recipient's reply to Letter 17 above, accepting the offer therein made, but will defer reply until he has seen Mr Bonar, who is equally concerned in the matters probably because Bonar is connected with "R. & W. C. & Co." and will reply jointly with Mr Bonar in view of the imputation of personal annoyance made against himself. Bonar had advised Routh that recipient's best procedure was to make application to the Chancellor.

Returns unaccepted a Bill which recipients had sent to Cyfarthfa, with intimation that no one at Cyfarthfa has power to accept Bills (of Exchange).

As a result of discussing the finances of Cyfarthfa with his son, he finds that it will be impossible to continue the former mode of payment for "Romney Metal", and the future plan must be payment by Six Months' Bills. Payment of the Romney Debt is desired; "and the Glamorganshire Canal Co. could do the same".

Relating to financial relations between father and son, method of drawing upon accounts, dates of payments of allowance, etc. "I must have simple regular Accounts and I hope in future somewhat more economical Draining of the old Cow". Requests the numbers of the Notes burnt by recipient, for the use of Forrest.

Concerning negotiations with the Taxation Officer over an incorrect return of the previous year; advice on the matter of the "Malicious Attempt of the Wilkins's" (to cause a "run" on the Peirce firm?).

Concerning routine office matters and procedure, with instructions that sender's Current Account Balance of £106,352 9s 0d. "must remain untouched, undiminished" except by his own draft upon recipient.

Intimates that Richard Hill may do as he likes about his ruinous price-cutting policy, which the other ironmasters will be compelled to follow; that the writer has dissuaded Samuel Homfray from advertizing for a meeting of the whole Trade to consider a plan for Government Regulation, etc.; that the writer will not attend a meeting at Gloucester because price agreements thus made are never kept; that the Staffordshire works, having innundated the market, seek to close the Welsh works; that William Crawshay, Junior, will co-operate in local measures to reduce production costs but that sales and prices will be entirely a matter for the writer, who confident of his ability to last as long as others, and believing that the crisis is due to the poverty and distress of producers and not to overproduction, will charge whatever circumstances seem to dictate. [or, simply: Refuses to participate in price-fixing arrangements].

Encloses Mr Tait's letter and his reply (letter 25). Mr Bacon had called last week "to say he expected his claim for 'surplus rentals' - or royalties, would have come to a hearing in a day or two" and the writer hopes that Mr Bacon would not be his only source of information on the matter.

Denies recipient's imputation that his refusal of recipient's request in December was made for reasons other than those given, and therefore refuses an interview for the purpose of explanation.

Thanks recipient for trouble taken in bringing the Tax dispute to a successful close, hopes that the opposition of the Wilkins's will tire, and assures recipient of his good offices in promoting recipient's business with Mr S. Homfray and others. [Vide Letter 44].

Notifies successful result of the Tax appeal, and intimates that he proposes to strike the Balance to the 31st of March. "A terrible order for Cash" had arrived by yesterday's post "which with what has already been paid this month makes in all £22,800". Thanks recipient for a copy of the agreement with Bacon, but what is really required is a copy of the original Lease (of Cyfarthfa) from Lord Dynevor and Mr Richards to Mr Bacon.

Advises that it will be in order for recipient to give Peirce & Co. payment by Bills with Interest added, but in no case with commission added, that he approves the agreement with Reece; save for certain Clauses which must be altered; that recipient must not, as a result of speaking only about reducing costs at the meeting (at Gloucester?) incur the odium of the men; and that Crawshay and Hall will lend £200 for the alteration of the road to Cardiff if the others named do the same. Richard (Crawshay) is determined on his plan (of purchasing an estate) "and it will if so be best done in my life-time and my future Will arranged accordingly".

Will not allow the works to pay a higher price than £6 for the "Romney Metal" for January, and no Bills must be given out until the matter is settled with Mr Hall; the overdrawn Salaries must be made underdrawn. Advice as to the salaries of Forrest and John Homfray and as to stocktaking pending the writer's visit to Cyfarthfa.

Offers recipient a cast-iron Land Roller for £35, in every respect similar to one belonging to his sons, for which recipient, at an auction, had bid below the reserve limit.

Concerning his illness; the conditions under which he will purchase Gwyn's [Coed Commar] Property; the acquisition of Wern Farm and the construction of a road on it; the destination of Crawshay Bailey and the whereabouts of a lease. Routine advices.

His resolution to pay no tonnage to the [Glamorgan] Canal until its debt to them is cleared, and his advice to recipient to protest jointly with other Ironmasters against any advance in the Tonnage which would under existing conditions add a ruinous burden to the trade: "if Hall should advance the Tonnage we can then do as we please as to going by the Dram Road, but that would do no good as he would again advance so as still to divide 8 per cent". His illness: personal and routine matters.

His decision not to open the bidding for the sale [of Gwyn's Coed Commor Property]; an hurtful letter from Richard Crawshay, of which, together with a copy of the reply, a copy is sent to recipient. [See below].

A rebuke for the letter referred to in letter 35, and a remonstrance against the request, contained in it, for withdrawal of recipient's capital in the London House. A refusal to consent to any material alteration in finances.

Concerning the approaching sale of Coed Commar; an apologia for Richard Crawshay's behaviour, and a caution as to recipient's conduct in the "reduction of the men" ... "be firm but considerate and kind to the men and neither alone nor the foremost; without every work is with you and will be true, no good can be done ... Are you provided with the Troop of Horse at Abergavenny or in the Neighbourhood; in case of Riot it will break out like fire". Repeats instructions as to settlement of accounts with Hall, and gives instructions that "the Engine" is not to be acquired until "Bacon's Business" (of the Lease of Cyfarthfa) is settled that the make of iron is not on any account to be increased, that one or two furnaces are to be blown out".

Hints that the Debit side of recipient's Balance Sheet has exceeded the limit and that strict economy must be practised, and requests more information about the trouble with the men. "It is impossible for me to advise or direct you about the men. I know nothing of the merits of the case. I still suppose it is a general one with all the other wks yet you use the word I as if the case were of your own wks alone you did right to pay in Bank of England paper if the men required it. Pierce and Co. of course found it; but who among the Men can instigate such nonsense?".