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X/POOLE/5242

COPY LETTER: Arthur Ashley of St. Asaph to the Directors of the North and South Wales Bank. He submits his balance sheet to them. He would have liked to have done better. He is trying to get grinding work on hire but this is insufficient to keep the mill going. Hence has had to buy on disadvantageous terms and sell quickly because of the limited capital he has available. It is cutomary for millers who grind for hire in that part of the country to buy the wheat for the party and to pay for it themselves, not receiving payment for it until two or three weeks later. He regrets the bank’s refusal to grant him credit so that he was obliged to buy in a few weeks’ stock of wheat while the farms were involved in spring field work and the markets were scantily supplied and needy buyers had to pay high prices. If he had had the means he would have bought corn when it was cheap and sold it at high prices. Instead he had to pay gradually inceasing prices with a consequent lowering of his level of profit. He asks the bank to allow him a few weeks credit of £300 - £400 in order to enable him to run the business efficiently.