BR thanks Tylor for his letter of 1 July, record 116865. "Lady Russell and I have read with great care all that you say. We too regret our decision has been necessary, but we are of the view that it is the correct one in the circumstances."

BR addresses the deed of covenants, and other details brought up in Tylor's letter, including the replacement of Tylor and Drover by Lucas and James Fisher as trustees.