Davies has received the new deeds of appointment of new trustees signed by Lloyd. He quotes Lloyd in his letter suggesting that the Australian stock be sold "... and invest in some sound U.K. debenture or even a U.S.A. gilt edged bond. I don't trust the Australian financial position and the present quotations are too high in my judgement." Davies will leave this to BR's discretion and says he will not mention it to Meynell when he sends the deeds for him to sign.