Pauli makes two further remarks on theory of holes and e$^{2}$/(h.c.), concerning "Vertauschungsrelationen".

Pauli discusses details of Heisenberg's last letter of the 11th December. He makes more remarks about nuclear magnetic moments and gives some ideas about the neutron.

Heisenberg writes on a talk Heisenberg had with Bohr about the theory of holes. The reason why an arbitrary small value of e$^{2}$/(h.c.) is not realized in nature is given by two deviations from Maxwell's theory which are identical in principle that dependent on pair production and that connected with the deviation from linearity and connected with finite self-energy. He talks on further considerations by Heisenberg. One Hamilton - electron and photon.

Pauli thanks Miss Meitner for her paper for the Bohrfestschrift.

Pauli refers briefly to a paper by Sachs on the magnetic moment of the deuteron.

Pauli writes about Glauber's quotation.