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27th April 1912.

H. Silva White, Esq., 29 Duke Street, St. James's, S. W.

Dear Mr. White, I have decided not to purchase the Lord Feversham Rembrandt at the price you quote me, viz: £50,000, but Messrs. Knoedler & Co. will take the picture from you at that price and pay you the £1,000 commission that I was to give you in case I bought the picture. This, I have no doubt, will be entirely satisfactory to all parties.

Yours very truly,