H.T.,

The arrangement proceeds well. Your latest shipment contained the agreed quantity - two ingots per eight received is acceptable loss to the Duke's records. Our buyer in Luskan pays triple what Neverember offers, so your cut remains generous.

Continue administrations to H.W. as directed. His paranoia serves our purposes. A mayor who fears his own shadow asks fewer questions about discrepancies in town records. The third dose should make him entirely compliant for the winter season.

Stonehill's cooperation with transport has been noted favorably. His ignorance of cargo contents keeps him useful and blameless. Maintain this arrangement.

Be cautious. Adventurers have arrived in Phandalin. They aided Flintvein and Stoneknee - inconvenient but manageable. If they prove troublesome, we have options. If they prove capable, consider recruitment. The Black Network values competence.

Next shipment in three weeks. Usual terms.

—Z