“Dear Sir,— “We have considered your report as to the extensive mortgages which we hold upon the Honham Castle estates, and have allowed due weight to your arguments as to the advisability of allowing Mr. de la Molle time to give things a chance of righting. But we must tell you that we can see no prospect of any such solution of the matter, at any rate for some years to come. All the information that we are able to gather points to a further decrease in the value of the land rather than to a recovery. The interest on the mortgages in question is moreover a year in arrear, probably owing to the non-receipt of rents by Mr. de la Molle. Under these circumstances, much as it grieves us to take action against Mr. de la Molle, with whose family we have had dealings for five generations, we can see no alternative to foreclosure, and hereby instruct you to take the necessary preliminary steps to bring it about in the usual manner. We are, presuming that Mr. de la Molle is not in a position to pay off the mortgages, quite aware of the risks of a forced sale, and shall not be astonished if, in the present unprecedented condition of the land market, such a sale should result in a loss, although the sum recoverable does not amount to half the valuation of the estates, which was undertaken at our instance about twenty years ago on the occasion of the first advance. The only alternative, however, would be for us to enter into possession of the property or to buy it in. But this would be a course totally inconsistent with the usual practice of the bank, and what is more, our confidence in the stability of landed property is so utterly shattered by our recent experiences, that we cannot burden ourselves by such a course, preferring to run the risk of an immediate loss. This, however, we hope that the historical character of the property and its great natural advantages as a residential estate will avert, or at the least minimise. “Be so good as to advise us by an early post of the steps you take in pursuance of these instructions. “We are, dear sir, “Your obedient servants, “Cossey & Son. “W. Quest, Esq. “P.S.—We have thought it better to address you direct in this matter, but of course you will communicate the contents of this letter to Mr. Edward Cossey, and, subject to our instructions, which are final, act in consultation with him.” “Well,” said Mr. Quest to himself, as he folded up the sheet of paper, “that is about as straight as it can be put. And this is the time that the old gentleman chooses to ask for another four thousand. He may ask, but the answer will be more than he bargains for.”