Finberg seems to have considered that this sheet is related to the lost watercolour Second Fall of the River Monach, Devil’s Bridge, Cardiganshire (currently untraced),1 shown at the Royal Academy in 1794 (333). The pencil-work has suffered, perhaps from flood damage, and the elaborate subject is no longer very legible. This was presumably drawn at or near the same spot as the rough sketch at Devil’s Bridge on the verso of this sheet (D40037). See also Tate D00137 and D00140 (Turner Bequest XII H, K).
Andrew Wilton, J.M.W. Turner: His Life and Work, Fribourg 1979, p.306 no.48.