HN10/355/Browning7

Letter from C. Mood, manager of the Capital & Counties Bank Limited, Luton Branch to Howard Spensley of Westoning Manor, Ampthill (Reply to HN10/355/Browning6)… 'I am obliged of your letter of the 4th instant enclosing form of guarantee duly signed. I am, however, returning it to you as we cannot accept a guarantee with conditions attached to it. You are only liable under the guarantee for the sum of £100 and you have the right at any time of giving the Bank notice that you intend to withdraw your guarantee. In that case we should immediately call on the debtor to reduce his account by £100 or find further security. If he was unable to do either you would be liable to pay the amount guaranteed. By limiting your guarantee for twelve months you would make it awkward for debtors as they would be complied to realise their stock in order to repay us and release you from your liability . I take it that your object in helping debtors was in order to enable them to meet their rent regularly without crippling or impoverishing the farm by selling stock. In limiting the guarantee to a period of one year you are in my opinion defeating the object for which your guarantee is given. I enclose a fresh form for signature'.

6 Mar 1911

From: 1911 To: 1911

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Mood, C.,
Capital & Counties Bank Limited,
Spensley, Howard

Capital and Counties Bank Limited, debtor