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Discusses potential timescale for his next meeting with Lyn and his travel plans. Describes Vita Sackville-West and Virgina Woolfs' improvements to Monk's House, Rodmell. Mentions the state of economy and John Maynard Keynes' pessimism in their conversations on the subject. Reports that Raymond Mortimer and Roger Fry are staying with him. Gives his views on letters of Merimee and Walpole. Refers to an "excursion into the beau monde" which he found unchanged, where he socialised with Lord and Lady Gage, Maurice Baring and others. Mentions dining with Fanny and Ralph.

Thanks Lyn for her letter. Complains of his own illness and depression. Describes his stay at Long Barn with Vita Sackville-West, Raymond Mortimer and Dorothy Wellesley during which they were all invalids. Mentions Vita's son Ben Nicolson. Invites Lyn to Sussex and proposes she also visit Rodmell. Reports that he has almost finished the Merimee letters. Discusses Virginia Woolf's novel "The Waves", which he says Vanessa has a copy of in order to design the cover. Refers to a "heart-to-heart" talk about the Hogarth Press that he had with Frankie Birrell and others.