A. Govan to William Mackinnon. - report on results of visit of representative to the site; 70,000 ft. cut on 10 hr. day; 4 months supply in hand, another 4 months ready; railway siding enlarged, line extended almost to co. boundary; estimate of land resources in minerals; on going basis, but dangerously large local floating debt & ever present possibility of assets being attached - in particular the enlarged mill; proposal to deal with this by taking a £70,000 mortgage against the assets in which £150,000 already invested, paying off all U.S. loans & homedebts & leaving working balance; interest far out-weighed by income; request to be put in touch with Banker to organise the operation, & acceptance of William Mackinnon 's point regarding cumulation for the Preferred Shares