Letters describing the development of syndicate and loan business in Shanghai, attempts to arrange visits to the Mills family while on holiday in London and Scotland, progress of holiday and family affairs including Addis's father's death. From Shanghai, London and Scotland.

'All along my perspective was out and the consequence touched me too nearly and too severely at one time of my life to make recollection now more than an unavailing regret.' 13 August, politics, including the South African war, and Addis's economics course at Edinburgh University.