A. Govan to William Mackinnon. - regarding question of cumulative provision regarding Scottish Carolina Timber & Land Co. shares; suggests already sufficient protection for Preference Shares; recounts history as to how created after not taking up P. Mackinnon's offer for Ordinary Shares; politely puts aside question of Board seat for William Mackinnon ; advantage conferred by railroad, transporting hardwoods, increasing land values; scales down amount of Dev. & Preferred Stock that will be needed to £7,500; delay in becoming profitable attributable in large part to mill enlargement & consequent stoppage.