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Has read Sraffa's article in the Manchester Guardian, and believes it is necessary to inform Sraffa on the subject; proposes meeting.

Has received a letter from Giuseppe Toeplitz of the Banca Commerciale Italia refuting claims made by Sraffa by his article in the Manchester Guardian special supplement and inviting him to meet with him; account of meeting; believes Toeplitz's criticisms to be largely erroneous; apologises for any trouble that the incident might cause Keynes.

Criticises Sraffa article in the Manchester Guardian special supplement.

Informs Sraffa of Toeplitz's letter to him of 11 Jan; asks for updated table of discounted sterling in Milan. Toeplitz's letter copied out below.

Toeplitz has raised the same points with the Manchester Guardian as Sraffa has mentioned. Asks Sraffa for an up-to-date table of the discount of forward sterling in Milan.