My dear Father,

It is a nuisance to have these bonds paid off; the simplest way is to sell them as the Manager proposes.

$10,000 = £2040²

why not buy $10,000 Pennsylvania General Mortgage payable 1910 price is 127—therefore $10,000 will cost £2540 or $8000 will cost £2035 or, and will pay 4$\frac{3}{4}$ per cent.³

Or Massachusetts state loan 5 per cent payable in gold as follows

1891—at 109

1895 at 111

1900 at 114

are perfectly safe, if they can be bought.

Metropolitan 3$\frac{1}{2}$ per cent Stock⁴ is at 105$\frac{1}{2}$ and will only pay 3$\frac{1}{4}$ percent.

or Baltimore & Ohio 6 per cent Mortgage pay^ble. 1910 at 121 is I believe quite safe.

Your affect son | W. E. Darwin

P.S. Southampton Dock⁵

Debenture 4$\frac{1}{2}$ per cent

Stock is at 110

The liabilities of the company are as follows.

£82 300 Mortgage Deb^es.

£217.700 4$\frac{1}{2}$ per cent Deb: Stock

£1,165,625 ordinary & pref^ce Stock

so that the Deb: Stock should be quite safe