[[1]] 

[[MS 2750/210/3]] 

J.M.Keynes Esq  
46 Gordon Square  
W.C.1 

16 February, 1926 

Dear Maynard,

We have at last today got final settlement of Smith’s Sale or Return Account of the ECONOMIC CONSEQUENCES. They sold 2516 out of the 3500 which they took. The total sales outright up to date are 7100. The total number of copies actually paid for to date is 6970 and the receipts have been £201-5-2 1/2. The expenditure has been £163-14-8 1/2. According to our agreement we were to have the first £25 of any profits, which means that £12-10-0 is already due to you. I enclose a cheque for that amount; we will of course give full account and make a final settlement at the end of March. Roughly the expenditure is made up of the following items

Printing          78-6-8

Advertising    79-2-1 1/2

Distribution    6-5-11

Our original estimate of expenditure was £145, but that did not include the £22-10-0 which we later decided to pay Smith for displaying the show cards.

I am afraid the Russian pamphlet has not done well, as only 700 copies have sold. It still goes on however slowly.

Yours │ LSW [signature]