Re Lord Russell, Mollie Countess Russell's trust, Telegraph House.

Davies goes into detail about the deed of agreement for Telegraph House, as well as the war loan and annuity, later taken on by BR, who has Telegraph House let to him for £400 a year. "He has been considering whether it will be in his interest that a sale should be effected or a long lease granted, and if so whether he should take such lease himself." If Telegraph House is empty after 1937 BR can live there himself, or rent it, but Davies points out, "If Bertie were to rent it, it would cost him more than if the Yankee rented it. If it stood empty, his reversion would be slaughtered, and he would be paying for another house to occupy."