10th The number of Horses required for the general concern, (independently of the Breeding Stud) to be kept up. My Father to have first choice annually of such horses, as he may require for his own use. Js & Wm McA then to select such as they require. The remainder to be sold for the general Account, & the respective private accounts to be charged with the animals selected, as above proposed at a fair valuation, derived from the prices obtained for those sold.
The above is an outline of the plan upon which, it appears to William & myself, the arrangements, entered into in March 1828, may be carried into immediate effect.
In keeping the Accounts, it will be our endeavor to simplify as much as possible. When the system is put in operation modifications & improvements of detail will no doubt be suggested.
(1) With reference to Edward's annual allowance, it seems but equitable that his Income from the property in the Colony, should be equal to the share of the general proceeds that may