BR tells Davies he is "... glad I was wrong about being obliged to offer to rent T.H. after 1937."

BR asks Davies about his interpretation of a section of the deed of assignment: "It seems to me to say that, on Mollie's death, I am to receive from Miss Otter: 1. Telegraph House. 2. £4,300 war loan or stock of equal value.... Your view seems to be that, when Mollie dies, I get whatever the fund amounts to, whether more or less than £4,300."

"... I am poorer now than I am likely to be in the future."