April 15, 1933
Brewster & Heyd
Dear Mr. Muirhead:
I have your two letters of the 13th instant this morning. Not having heard from Mr. Patton of course I did not go to Brantford today. I hope, however, Mr. Patten is up there and some progress may be made.
Referring to the division of these funds, I am absolutely convinced that it should be worked out on the percentage basis at this time. In the agreement I set up I left a schedule for the percentages to be paid to each one. Amounts mean nothing at the present juncture, it is all a question of percentage of the final and net proceeds to which each is entitled. Will it is apparently a mathematical problem still it does depend upon facts. Particularly with your knowledge I would ask you to set up these percentages as soon as possible.
I notice in your supplementary letter the intimation that Mr Graham may not tale the title and the suggestion of our setting up some document in substitution therefore. I am at a loss to know what kind of document you could set up. In any event I am most insistent that no document should be registered against the title which would be a cloud on the title. Any document registered which is a declaration of a trust would be a cloud on the title because the purchase would have to see that the trust is fulfilled and it might involve us in all kinds difficulties. Furthermore any charge or mortgage must be a specific person or persons because otherwise you could never get rid of it an account of the fact that the charge of charges must release the charge. I do not say that it is impossible to frame such a document as you have in mind but I would particularly ask you not to register any such document until I have seen it. If in your ingenuity you can devise a document which can be easily got rid of and which will not cloud the title I would be most willing to accede but I repeat I will not accede to the registration of any document likely to cloud the title. Please let me hear from you as to percentages and the prospect of having Mr Griffith take the title of otherwise securing the bondholders.
CONANT & ANNIS
Per (G. D. Conant)
cc. Mr Patten