TALBOT7399

Lincoln’s Inn ¹
1 May 1857

My dear Sir

Circ^es has prevented me from meeting M^r Loxley ² until to day – but at last we have discussed the subject – and I have stated to him Your views [according to Your last instructions]

M^r Loxley’s statement is that his Clients are Men of substance tho’ in respect of this Company ³ there has been already a severe loss – [in all of about £4000] and that they are in chancery ⁴ with M^r Dallas ⁵ from whom they seek to dissociate themselves but who denies their right to do so under the terms of the partnership deed – The case has already been before V. C. Wood ⁶ & it stands for further argument for the 18^th inst.

It would seem their present object is to get rid of Dallas and to reform the Company which they are advised they can do – & then to recommence operations their movements being now reduced to the lowest scale of expenditure, merely to keep in existence –

It is their object to treat for an accomodation – by having an exclusive License ⁷ on condition of augmenting the per Centage as the Sales encrease and on each sub license granted by them, but to pay at present a small per centgecentage [the real profits to the present time on the Sales not having exceeded £120]

M^r Loxley thought 5 per Cent ⁸ too high on the gross sales tho’ he did not object to that principle – he took a note of Your [illegible word] as to the chrome gelatine Plates Photog^s and metal Plates –

You will be good enough to let me know Your feeling as to this suggestion of the Exclusive License – I see no objection to it if an adequate portion of add^l Royalty be made – if You agree – I will as the next step send the Dr^t of a proposal to Loxley and see how he alters it – first how^r submitting the same to You

Ever Yours faithfully
J. H Bolton

The suit between the Co^y & Dallas does not affect Your action ⁹ in any way