April 24th

Dear Macmahon

I shall be happy to subscribe £5 0 0 towards the publishing adventure on the distinct understanding that I am not responsible for any debts incurred by the adventure, that it is a loan, I mean. to be repaid at their convenience, or not at all if things go adversely. 

I am sorry that I cannot do more at present, (though I may be able as time goes on) but you will readily understand that I am spending a good deal on keeping the agitation on foot here, & must manage my resources; as, very naturally, Socialists don't seem to be rich generally. 

Wishing you all success

I am Dear MacMahon

Yours fraternally

William Morris