Letter from John Gray to Henry Pease

Griattioni July 29 1876

My Dear Sir
On my return from Scotland today I find your letter of the 24th with the inclosed.
The price for the ship in question is [illegible] & the firm is respectable, but the future we must not expect to be as the past has been as it regards dividends.
1871 to 1873 which are [illegible] in the past five years, even the best years in the shipping trade I have ever known & [illegible] that I managed dividend 40 per [illegible] per annum for a while

[Page 2]

[illegible] has now got to a very low price & Engines about [illegible] than when the Valetta was built.
I think we could [illegible] in the 100 A1 class [illegible] 22250 & if you find [illegible] to go in to the extent of [illegible] I would do the same & I have no doubt the remaining half could be made [illegible] amongst friends; in the mean time if a customer turned up for the whole ship at a fair profit we might sell & divide the profit [illegible] & go on again. The [illegible] could be ready about January next.

[Page 3]

[illegible] Valetta continues to do pretty well & is now on her way to Swinemuende
from West Hpool, from then she goes to Uleaborg (Finland) to load deals for Wisbech.
I think I ought to mention that I & Co Ship Brokers & find it profitable to manage ships for the Brokerage they get a charter & which may amount to £500 per an per [illegible] my plan is to charge £100 per an per ship for office expenses & to credit the Brokerages I may get to the ships.

I remain
Dear Sir
Yours Truly
W Gray