Tom,
I think it certainly gives new perspective on the MCC Minutes which state, “Whereas the Golf Committee presented a plan showing the proposed layout of the new golf ground which necessitated the exchange of a portion of the land already purchased for other land adjoining..."
Thinking more about this statement, as well as Francis' 1950 account where he takes his now infamous midnight bicycle ride to H.G. Lloyd's house, it becomes clear that there is very little chance that the Francis Swap happened prior to November 1915 for other reasons that the dimensions of that triangle.
Just as tellingly, Francis tells us in his account that once he arrived at Lloyd's house, he shared his idea;
"The idea was this: We had some property west of the present course that did not fit in at all with any golf layout. Perhaps we could swap it for some that we could use?"
You may have the exact date, but if memory serves, I believe the securing of 117 of the 338 acres of HDC land for Merion, done with the promise of a $30,000 down payment on a total of $85,000 purchase price (..."a number of members who may be termed "Guaranators" have agreed to advance $30,000", was written in the November 15th circular letter) was done around November 10th, 1910, when the Merion president Allen Evans agreed to Connell's offer.
The Circular Letter goes on to say that the best way to accomplish this was to create a separate corporation, the "Merion Cricket Club Golf Association", which would agree in principle to sometime buy outright the 117 acres in question.
In December of that year, the MCCGA was formally chartered, but Cuyler recommended that Lloyd take title to the property into his own name at that time, as "It was found advisable that the Haverford Development Co. should take title in Mr. Lloyd's name, so that the lines be revised subsequently".
On December 19th, 1910, H.G. Lloyd did just that, and took title for some 117 acres of HDC Land into his fold. At the time, he was also made official head...President, I believe the title was...of the MCCGA.
In either case, it was at this point that in all reality Merion actually had official control of the land in question, although it wasn't until July of the next year that the final purchase of the land, leased back to the club deal was completed.
This would explain however, why sometime AFTER December of 1910, Richard Francis would have bicycled his way to the only place where he could get the green light for his idea...to H.G. Lloyd's house, because prior to then, the statement "We had some property", would not have been the case.