Pièce 60 - Draft response [by Michael Sadler] to R. C. Trevelyan's points about delayed payment and division of payments [for "An Annual of New Poetry"]

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Rejects Trevelyan's objection to the length of time suggested in the draft contract for payment of the contributors: contributors to an ordinary magazine are indeed 'paid by return', but they have no share in the profits nor voice in decisions about the magazine, while the publisher is free to include advertisements to help pay expenses and boost profits. Does not think the contributors to the "Annual" would wish to contribute to such a magazine, nor would Constable & Co. be interested in publishing one. Trevelyan is right that it had been agreed that the share of profits would be 60 per to the contributors, forty per cent to the publishers; apologises for not noticing that the draft agreement had a different division.

Pencil annotation on page five, perhaps by Sadler or as a comment by Otto Kyllmann. Pencil notes on the back of the last two sheets, perhaps by R. C. Trevelyan.