7 Eaton Place South
10th Feb: 1858
Dear Sir
I hasten to answer yours of the 8th – because unless some of the terms suggested by you can be most materially modified, I would save you the trouble of further considering any thing contained in my last letter
As to the land
In your letter of the 23rd of October you mention 10 or 15 acres of land – and the term 14 or 21 years Now, as to the term, as a large sum of money need be sunk on this undertaking I should not embark in it for less than 21 years – at Seend we have 42 – and the quantity of 15 acres is insufficient – according to my estimate the land will not produce more than 30,000 tons of saleable ore to an acre – and no one would undertake a work of this kind upon an estimate of doing no more than 30,000 tons per annum – but ever at that rate 15 acres would be worked out in 15 years –
But the quantity of land is not so material with reference to what the lessee may be entitled to work himself as to whith [sic] reference to what may be done with that which he is not entitled to work – no one in his Senses would invest capital in a work of this nature with the chance of a competitor by his side ywho might obtain the same ore upon better terms and undersell him –
Working the ore – I would not engage to work any particular description of ore – of course to engage to sell ore which would not pay its expenses would be ruinous – We are not bound to not to discard any amount we please at Seend – but altho this is material to the tenant it is not to the landlord – who has this material guarantee – that as the tenant must raise all the ore, whether good or bad, he would not after incurring that expense discard an ounce which would pay its expenses –
As to the Railroad – The toll of 1s/ per Ton is out of the question – which I think you will see on further consideration – If’t [sic] is proposed that the minimum amount of ore to be sold in one year shall be 20,000 Tons for 21 years – the toll of 1s/ per Ton would therefore be £21,000 in the term taking the minimum but in fact double that amount – The Great Western & other lines will carry at 7/l6ths of one penny per mile per Ton. providing engines &c – & your line would be only ¾ ths of a mile – I remark what you say as to the saving by canal – but your estimate of that saving is erroneous – otherwise the Lacock ore cannot be worked at a profit – Upon the subject of profit – I have well considered that point – and am satisfied the ore cannot be worked to a profit except by the tenant having the most favorable terms granted him in reason – and by the landlord, seeing that his interest & that of the tenant and is identical – by which I mean that the tenants object is to sell as much as possible & every ton sold having a benefit to the landlord the latter should give the former every possible facility – consistent with a fair profit to himself and this is the reason why I have ventured to dissent from your propositions, for which perhaps otherwise I ought to apologize –
Yours very faithfully
George Cottrell
[envelope:]
H. F. Talbot Esqre
Lacock Abbey
Chippenham