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is slack on the Coffee Exchange. The Spring Auction will make it right again. Don’t suppose, how­ever, that we have nothing to do. At Busselinck and Waterman’s trade is slacker still. It is a strange world this: one gets a deal of experience by frequenting the Exchange for twenty years. Only fancy that they have tried—I mean Busselinck and Waterman—to do me out of the custom of Ludwig Stern. As I do not know whether you are familiar with the Exchange, I will tell you that Stern is an eminent coffee-merchant in Ham­burg, who always employed Last and Co. Quite accidentally I found that out—I mean that bungling business of Busselinck and Waterman. They had offered to reduce the brokerage by one-fourth per cent. They are low fellows—nothing else. And now look what I have done to stop them. Any one in my place would perhaps have written to Ludwig Stern, “that we too would diminish the brokerage, and that we hoped for consideration on account of the long services of Last and Co.”