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• J.M. Hall to William Mackinnon. Agrees with William Mackinnon times are bad. Great difficulty in placing bills, through agency of McKim. Tried Lawes & National Discount Co. personally but bills rejected, Smith agreed to take short term bills to Bank of England, £4,000 left to be cashed. Doubts widespread about most banks, Australian in bad odour. Worried about effect on his standing of one bill queried, and confusion as to accounts. One of C.G. Bank acceptances of William Mackinnon Co's drafts on BISN proceeds. These McIlwraith wished to credit to Lawes' account thus, importance of strengthening Bank's position explained. Would agree to half William Mackinnon telegraph views, S.I. & Co. will cash any short notes for C.G. Bank at the Bank of England; but such notes should be handled "out of sight" at (e.g.) Cunliffe's - even they dubious. J.M.Hall does not want to handle similar Bills. Best to deal with them in Glasgow. P.S. at front of letter - William Mackinnon 's notes received today and yesterday destroyed. Payments received £18,538.
• Letters, mostly brief, on family matters, Morocco, writing and speeches with a long letter on German reparations and unemployment in Britain. From London, Morocco and at sea