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Regarding the career of Montagu Collet Norman, Governor of the Bank of England. University of Cambridge watermark on the paper.

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.

Letter from Paris written between trains. Gives address in Venice and demands a reply. Alludes to financial investments in France, and business with his book shop. Expresses contempt for financial advice of reputedly clever men such as Falk, Maynard Keynes, Geoffrey Marks, and Mr Troughton. Gives "the Spanish situation" and the Barcelona strike as an example of a matter over which "clever" men have contradictory opinions. Complains about the rain. Decribes Paris fashions, including illustrations. Mentions that he might be joining the Huxleys in the West Indies. Indicates that he would like to show Lyn the sights of Paris. Looks forward to arriving in Italy where he will take a flat with Raymond.

Regrets that she can not arrange childcare from either Clare Millikan or Margareta to enable a meeting in New York. Reports that Mrs Price has offered to have the children so that Lyn can sort out her new flat in Riverdale. Mentions that Max has dismissed the idea of her going to Bermuda, and the job Maynard Keynes found for her in Washington will not pay enough to benefit her financially. Hopes that the Flexners will not be disappointed. Discusses her relationship with Bill and Magdalen Flexner. Aspires to write again and to make some new friends in New York who don't know her as a refugee. Describes her colour scheme for her new flat.

Suggests that Max could collect the Fanny Kemble letters when he visits Princeton. Mentions Lady Butler. Writes that Max will also reimburse the cost of posting her journals and letters back to England. Reveals her plan to let the house in Manchester and return to Cambridge whilst Max is in America. Reports that she is continuing her attempt to publish her world map. Sends news of Appy Ogilvy, and Henry Whitehead. Describes the schooling of Edward and William. Asks after Margareta. Sends her sympathies about Maynard Keynes.