Typed letter from N.D. Pendleton to Rev. Victor J. Gladish in Colchester, England. Pendleton informs Caldwell that income from the Glanville Bequest has been reduced by 86%. However, the Board of Directors has decided that remittances for the Colchester school can be continued at the rate of $450 per year through June 30th, 1934. The Board anticipates that its investments of the Glanville Bequest funds will recover, but for now they have been greatly affected by the Great Depression.