—What can I say? It is a distressing affair altogether, but is somewhat redeemed by your most becoming resolution to resign nothing but the Chairmanship. Let us still do all we can to save poor Godley's scheme. If we succeed, all personal disagreeables will soon be forgotten: and in the midst of my anxiety, I have one comfort in believing that the honorable and magnanimous spirit in which you are acting, will help towards that result.

I cannot finish this scrawl without expressing, though I hope it is not necessary, that my respect for your virtues and my personal affection for you, remain as they were before this unhappy business; not to say that they are increased by your conduct in it.

Believe me to remain