Dear Mr Mackenzie,—The Ward Farmers' balance on 30th inst., and Mr Ward proposes drawing his own cheque for £40,000 on that day and handing the amount to the Farmers' until Monday, 2nd July, I presume this transaction will be in order. We must not show all the overdraft to the public this time, as there are too many timid people about at present. If I do not hear from you I take it silence gives consent.—Yours sincerely.