Davies "TH SAUNDERS" watermark 
SG. 138c  -  CP. A2t (Y)   -  Scott. 48

The 2d Vermillion SG.138c printed by Davies on  the "TH SAUNDERS" papermakers  paper with thier name appearing twice in the sheet in single vertical line at the side.

There are alot of variations from the use of the damaged and retouched part of the 2d Plate II.

This stamp shows "A" of SAUNDERS and small portions of the side letters.