Copy answer <1> 25 March 1852
I have recd your letter of 23d. inst. I am not prepared to give a decided answer in either of the conditions you propose.
With all defference [sic] I cannot help think you much overrate the perfection of your Process & that certainly you put your terms too high.
I was led to understand that you had given a license to Mr Cole Regent Circus upon an agreement of 5 percent such induced me to make you a similar proposition.
I have the honor to be &c
Mr Fox Talbot Esq