Letter from Philip Snape to his uncle, Rev. R.J. Davies. He has just acknowledged...

Letter from Philip Snape to his uncle, Rev. R.J. Davies.

He has just acknowledged the receipt of his kind letter of 22 May last remitting £200 on loan at 4% interest. He will thus be able to purchase a share in a cattle Station for James which ultimately will give them both their independence. His brother is at present at Mr. Whittaker's Station where their stock is depasturing. They intend removing them as soon as a friend of theirs who is with James has purchased a station. - the removal will save Philip £20 p.a. which he now pays for their keep. The loan will not only be the means of giving his brother employment of the most pleasing description but relieve Philip of the expenses he has hitherto paid for him since he lost his berth. Cattle are now selling at about 35/- per head, the last arrivals from England having 'brot' out the intelligence of the improving state of the wool market. Cattle may be had for a much less sum when a number is purchased and cash given. This is a most splendid country for capitalists only. There is not article or luxury necessary for man that cannot be produced here; cotton is being tried and he has not the slightest doubt but in a few years the Colonists will export a large quantity of it.

He forwards a bill of exchange at 30 days sight for £8 the amount of interest due on the 1st years' amount. Davies's Banker would cash this bill without him having the occasion of referring it to London.

P.S. He will annually remit to Davies in the same way as this his interest and he may rely upon it that as long as he retains his Govt. apt. he will not be disappointed, & if such should be the case his uncle will not lose one farthing by him.

Sheep is the best investment for a large capital but cattle & horsestock is by far the safest for those with limited means. The rate of interest here on the best security about 7%.

Directed to Aberhafesp Rectory, nr. Newtown.