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Encloses [Anthony] Bacon's reply to Letter 79, requests comments, and enquires whether the Chancery proceedings can be expedited or new arrangements made between the parties involved. In postscript, business matters.

Sends for Kaye's [a lawyer] bill and for a copy of the paper which allegedly binds him to pay or maintain "the Chappel", which he repudiates. Concerning the plight of Cyfarthfa and the necessity for careful management. "The days of pride and profusion are over, and a tenacious look out on the contrary tack must take place".

Concerning the restated Balance Sheet of Profit and Loss as at 31 March, for the concern; distribution of assets, income and liabilities between the partners; and statement of this and future accounts so as to stabilize the concern's capital at a fixed level. Details of two contracts obtained. The return for Property Tax has been made.

Encloses a copy of Letter 83, with instructions for the execution of the financial arrangements contained therein and of other financial matters, including that of Maher's claim in respect of "the Chapple".

Although the Chancery proceedings cannot be hastened, recipient could now decide whether or not to relax the rental payable by Cyfarthfa in the present bad state of the trade.

In reply to recipient. Undertakes "to push the Work to the utmost" if the rental is reduced; ["an abatement of one Half your rental say 7/6 p. ton would enable us to keep the works on to their fullest extent of Power, thereby maintaining the superiority of Cyfarthfa and yielding you a noble Income; consider this and come to the point at once ..."].

Personal and business matters including praise of recipient and a definite hint of the writer's intention to make him a partner when prices improve. [prob. partner in the London House - he was not made partner in Cyfarthfa until 1821].

Refusing a loan of £5000 or £6000 to recipient's house in view of the small business done by that house with his own and in view of his partners' complaint that recipient's house is "very troublesome for Money".

Encloses the Balance Sheet at Cyfarthfa previously omitted, and expresses hope of further simplification of accounts in the future. Business matters.

Encloses Bacon's letter with his reply [Letter 90], and declares it not worth while to push the works to their utmost extent unless an allowance of half the rental is conceded for two years. Solicits comments.

Urges immediate decision on the question of rental, that the Works may have "every day between now and 1st next year to make all the Iron the Works are capable to do".

Praises recipient's reforms to secure economy; announces end of all treaty with Bacon, so that no increase in the make can take place. Various business matters.

A rebuke. The correspondence now concluded by recipient's refusal to allow any abatement of rental has been needlessly protracted by recipient.

Denial that questions have been left unanswered, with a categorical reply to two queries raised by recipients "that on our part we were to push the whole Work to the utmost it is capable of, every Furnace to be kept in Blast and every Ton of Iron to be made that is possible, to do which on your part you was asked to reduce your Tonnage to 7/6 p. Ton upon all that was so made from 1st Jany. 1814 to same day 1816. It would not vitiate the old Agreement only relax it for a Period to enable Cyfarthfa to hold its head proudly above all other works and afford you a Princely Income instead of a reduced one; on my own part it would bring me Care, Anxiety and infinite Risk and Trouble to vend the Produce so extended".

Relating to recipient's desire to buy Hall's share in Cyfarthfa, the policy of taking the Romney Metal until the Romney Debt is liquidated, and the necessity of decreasing the output rather than giving benefit to Bacon. Routine advices and enquiries.

Concerning Anthony Bacon; and urging recipient to Consider and put forward any objection or alternative plan to the London House's offer relating to the sale of Cyfarthfa iron. Personal.

Personal; the illness of the writer. Business matters concerning refusal to treat with Anthony Bacon save on the terms already stated; the necessity of selling no pig iron until Bacon comes to terms; the work of George Crawshay; the cancellation of Notes; the "sad price" of iron, and the India contract.

Personal; the health of the writer. Business; the quality of sample "hoops", "squares and "flats", which justifies taking any orders; the intention to try the Pig (Iron) Trade if the price gets up in the winter; recipient's plan for marking the products. A request for the return of the Bacon correspondence, in order to lay it before Kaye, [the lawyer].

A rebuke in reply to recipient's letter upbrading the writer with ingratitude "for past services which have no existence but in your own Brain.".

Personal, concerning George Crawshay, who can regain the writer's confidence and respect only by a "long continued line of respectable and proper conduct ... words, Letters and Professions I have had enough of and a few Weeks or Months Trial are nothing to me". Business, concerning the Tax Assessment and apportionment of the liability between the partners; the advisability of waiting upon the Chancery decision to see how Bacon reacts.