Dear Mr MacMillan,

Much of my life is spent in answering correspondents. If I answered all fully, the whole of it would go. Consequently I have made a rule never to do any paid work in the way of reviewing or advising. But I shall always be glad to tell you what I think of the quality of anybody's work, so far as I can do so without making a special study.

I know something of Dr.. Cassel. I think he has a fine, powerful mind, that he is a genuine student in the highest sense of the world; & that anything written by him can be used with perfect safety for the higher education. There is a marked gap in economic literature on the subject of the underlying causes which govern the movements of interest & discount recorded in the City articles. Anything wh Dr Cassel said on the subject would be sure to be suggestive original & true as far as it went. But it might be a little wanting in inside knowledge of the money market, & the relative proportions of the forces that are in effective work in it.

I have no doubt that the book would be bought by all professional students; & that the better class of young students would be recommended to read it.

Dr.. Cassel stayed with me for a couple of days; & [I] have quite a feeling of affection for him, & for his mind.