Davies summarizes the work he has done for BR over the last six months, along with his charges. Davies is "evaluating our efforts on a net basis in a way which I feel (I hope you will also) to be fair and right, and enclose a note accordingly" (not present).

There is also a postscript: "Maw writes:—'I thank you for your letter of yesterday's date and the enclosed forms all of which I have sent to Lady Russell with a copy of your letter."

Davies refers to "the pleasure and privilege which I feel it to be to do anything for you."

He writes to BR at the Grosvenor Hotel, Victoria, S.W.