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Autograph letter dated from Ems, Gosforth, Newcastle upon Tyne, writing about the agreement with Durham Collieries which should finally be signed the next day. Merz feels that this is the best they could manage at the moment, and that Cunliffe's idea of 'breaking them' while attractive would have been damaging to the company, although it may yet come to that. Recommends that Esslemont should be put on the Board, and will discuss the whole position with Bristow who doesn't seem to appreciate the importance of the job, or its difficulties. Merz and Sloan have come up with a scheme for reducing expenses and improving the organisation of the company which will be ready for inspection shortly. Commiserates with father for having to go to London on Sunbeam matters and offers his help.