Dear Mr Halpenny,

I acknowledge receipt of your astonishing letter of the 26th instant.

Permit me to to direct your attention to I A 1 of the contract, which states that in joining the Firm, I become a member of the Merchant-Adventurers, with all rights and privileges pertaining thereunto.

These rights and privileges include the ability to trade on my own account, with my own (that is not the firm’s) capital. This right and privilege is secured further by IV B 2, which specifically attests and confirms that it is my right as a junior partner to trade on my own account provided it is not in competition with, or to the detriment of the Firm.

What I have undertaken on behalf of Colonel Hampden, and the work related to the Newsbook, and my efforts to bring to the customers of England wine, lace etc. at a price undistorted by the illegal customs schemes of Charles I is, I maintain now and will do so in a court of Law, “trading for my own account.”

Also, may I draw your attention to the contracts for the Apprentices, all of which state that while apprenticed to the Firm, they will learn the art and science of Commerce according to the practices of the Merchant-Adventurers.

It is my contention that the Apprentices, engaged as they are in assisting me in trading for my own account, are not practicing “sedition”  but learning how an astute man of business must needs conduct himself when faced with Adversity.

It’s also my contention that I’ve nothing to explain, with no behaviour to amend.

I am, sir, thy humble servant,

Sydney Holyfen, The Old House, near St John's Gate, London.

To Ralph Halpenny, Halpenny & Holyfen, Bishopsgate Street, London