7 Eaton Place South
Eaton Square
Oct^r 22^nd

My dear Sir

It struck me after I left Lacock on tuesday [sic] that it might be more agreeable to you to write to me personally on the Subject of the Ironfields than to Mess^rs Sarl & Co: & that I had only given you their address – I therefore send it you above and if you prefer it shall be happy to hear from you on the Subject at any time. And in the Event of no arrangement being come to for working the Seam by Mess^rs Sarl & Co: I shall be happy personally to give you any assistance in my power –

I fancy I did not clearly shew you the importance of the amount of any Royalty – which It may be illustrated in this way – assume that the price which the ore would fetch to be –

For the 1^st quality 16^s/
2^nd D^o – 13
3^rd D^o – 10 · 6
[bracketed together at right:] per Ton

Then consider the cost which will be equal for each sample of ore, viz^t
Royalty – 1^s/
Raising – 2
Canal & Rail 9
Incidental – 6 · 6
12 · 6 per Ton

independent of the outlay in the shape of capital – Upon these figures there would be a gain on the
1^st Quality of – 3 - 6
2^nd D^o – - 6.
and on the 3^rd a loss of 2^s/ per ton which being deducted from the profit of 4^s/ on the two first qualities (added together) would leave a profit of 2^s/ upon the 3 tons – but if you deducted from the last 6^d/ of the Royalty upon Each Ton the profits on the 3 tons would be 3/6- or 1/2 per Ton – You see therefore, that in dealing in large quantities, the importance of a few pence – & moreover how a uniform Royalty may answer the purpose of landlord & tenant as the latter could not work the 3^d quality without the two first –

Yours faithfully
George Cottrell

[envelope:]
H. F. Talbot Esq^re.
Lacock Abbey
near Chippenham