Madrid. Letter, unsigned, to Arthur Moore. Yours of 8 July received. Delays of this Court; difficulty of pursuing them from place to place. SS Company has little reason to complain of 19 articles submitted; had they but submitted article 11 (revocation of the Cedula) separately, it would have passed. Stanhope sent copy of Grimaldo's letter to Court of Directors. Does not disable SS Company. Lists liberties given Company. Deliver enclosed letter from Mr. Holzendorff to SS House. Company would be in bad way without Stanhope and his secretary. If 2 ships were lost in Mr. Shepeards time, I can argue better