Your letter of the 18th inst. was yesterday submitted to the Board, and I am instructed to inform you in reply that the Directors cannot see how any fees can possibly be due to you, as Sir Julius Vogel stated at the Meeting of 1883, with the Directors concurrence, that the Directors would—it really was, were drawing no fees while the Company was not paying a dividend. This, in connection with what passed at the Meeting in July last, must, my Directors consider, convince you that no fees are due to you.