Heisenberg sends a manuscript describing the present situation of the theory of holes. He expresses the hope that the way from this theory to the explanation of $^{2}$/(h.c) will be short.

Pauli writes of Weisskopf's and his own result that the material energy of photons becomes infinite in their theory. He remarks about "substraction physics": the fact that polarizability of the vacuum and self-energy of material particles are both becoming infinite must have a common root. The real progress of the theories will be found in the amalgamation of electromagnetic field and matter field.

Heisenberg talks about his attempts to find the value for e$^{2}$/(h.c.) by a suitable holes theory.

Pauli believes that the introduction of singulary density matrices is not the physically correct way to a solution.

Pauli suggests some physical properties of neutrino and criticizes de Broglie's idea of light quantum as two neutrinos.

Pauli writes about possible candidates for an assistantship in his institute. He reports on the New York physics meeting.

Heisenberg writes on a typical difference betwen quantum electrodynamics and Fermi's Beta-Decay theory. The existence of cosmic ray showers can possibly be explained by Fermi's theory. He gives numerical calculations.

Pauli asks for clarification of beta-decay Hamiltonian.

Pauli writes on some afterthoughts about Heisenberg's letter.