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Naylor, Benzon & Co., Ltd.,
20 Abchurch Lane,
London, E. C., 9th May, 1913

H.E. Dreier, Esq.,
The Lock-Stub Check Company,
Bush Terminal 253 36th Street,
Brooklyn, N. Y.

Dear Sir:-
We are now in a position to render you an account of the transactions in Vickers Shares. We sold for you 2875 shares at the following prices:-

1,275 @ 37/7½
1,600 @ 37/6The net proceeds of which after deduction of Broker's selling commission and stamps amount to £5,362.5.1

From this, however, has to be deducted the dividend of 1/- per share on the 2875 sold (which dividend you received but to which the buyers were entitled) 142.15.0

leaving  £5.218.10.1

From this there is a further deduction by the Brokers for Government stamps and registration fees on the transfers already signed by you and those still to be signed (to which we refer later on) viz 8.12.6

making the proceeds  £5,209.17.7

Against the above we have in our possession Allotment Letters for new shares as follows:-

To you as Trustee   1,155 Shares
To you Individually   577 shares
To Mrs. Robins        577 Shares
To Miss D. A. Dreier  577 Shares
                     
                    2,886 Shares.
                   
You will therefore see that taking the four interests, the allotment is 11 shares in excess of the shares sold. The amount paid and payable in respect of these 2,886 shares (@ 30/- per share) - to which we are attending - are as follows:-