My dear Charles

I am sorry you are subject to such “an ignorant impatience” of running in debt. You will never make a stag.² I met M^r Phillips³ in town instead of going down to Newport, and he persuaded me to take my shares in a handsome way unconditionally, but those of Eliza⁴ & Aunt Sarah⁵ I have taken under the condition you will find reversed on the 4^th page of this note,⁶ which I think a better condition than one referring to any particular proportion, and indeed it refers to what M^r Phillips himself assured me in that if the issue at £140 did not go off and if it was necessary to offer them for sale at a lower price, the committee would take care that those who had accepted at £140 should have a proportional abatement made to them.⁷

He also told me that M^r Blakemore⁸ one of the committee who had agreed to advance £10000 on debentures would if necessary instead of debentures take new shares at £140 to that amount, because they do not expect any difficulty in filling the debentures— I hope therefore to hear that a sufficient number of shares is taken, but he also mentioned in confidence that one of the committee was not hearty and wanted to get them at a lower price though not openly— This I presume is only matter of suspicion. In any event the condition on the other side would make acceptance safe if you were not a white livered slave of Salt and securities.⁹

Send this to Jos—¹⁰ I have written to A^t . Sarah.¹¹ London— 22^d Feb 1847 My dear Sir

I am authorised by M^r Hensleigh Wedgwood M^rs Sarah Wedgwood and Miss Sarah Elizabeth Wedgwood (of the Hermitage) to accept their respective allotments of new shares at £140, on condition that a proportionate reduction in the price of them shall be made to the above parties if the new shares which are declined by the proprietors are afterwards sold at a lower price than £140.