[Draft] 
[London,] 12 November 1891 

Dear Sir, 

...I still hold the documents mentioned in your letter 3°° but they are 
of no value whatever now, the policy having lapsed long since 
through Mr Dronke’s failing to pay the premiums as he ought to have 
done. The very first premium due in November 1877 I did pay ex- 
pecting to be repaid by him, but when I applied for the money he 
never replied, nor have I been able ever since to make out his address, 
though my Manchester solicitors took every trouble to find him out. 
Under these circumstances, and in view of the almost certainty that 
the gradual payment with interest on the same and on the original 
loan would eat up more than any possible return for the policy, there 
was nothing left to me but to let the policy drop. 

From what you tell me I must conclude that the same result would 
have been arrived at had he not pledged the policy.?