looked at the paper in his hand. "I take it that you are all here?” He covered them with a look, "And I understand, gentlemen, that you want to speak to me about this Syndicate-in which we are all interested?"

"Yes, we do," Digby answered quickly. "There are only eight of us, but sixteen might easily have come. We represent some of those who are thoroughly dissatisfied with the Report, with everything we know about the Syndicate-I haven't come across any one who is pleased," he added disagreeably. "Of course you've heard that we thought it right to circularise the shareholders; they're wide awake by this time."

"Quite right. One should always be wide awake in business matters. What is it you want me to do, gentlemen?"

Digby barked, "We going to speak plainly— "By all means.

are

"They are saying precious shady things about this Syndicate in the City, and unless it goes right we mean to make it pretty hot for you."

"Then it's as well to be on the shady side?" Wendern gave them a weary little smile. Two men who, now that they saw him face to face, found it impossible to think him a swindler, smiled back.

"We have not come here to joke," Digby barked again. "Perhaps you would like to know what they do say? In fact, it's just as well you

should."

"I'm not curious; but if it

"We hear that Bangor was a figurehead; that Lant got the estates for nothing, and they're worth nothing,-for all we know, there mayn't be any estates at all."

Wendern went up to the fireplace and looked at the map hanging over it. One or two of the men followed him and studied it for a moment.

"That is the map," he said. "You can see the various roads on it, and the railway running down to the coast is marked out. I don't know if it's finished yet, but it's in the making,- things are not done in a day, gentlemen. I put in £20,000 myself

"But the Syndicate found the rest-we put in the rest,' Digby interrupted. "What's become of it? That's what we want to know."

"The Report has already informed you that a certain amount was held back for office expenses here, the rest was sent out for working expenses there. Mr Lant is Managing Director"

"And the Chairman, what about him? He's a lord; but what else does he do? Does he know anything about the Syndicate? or is he a guineapig, who takes fees for lending his name? There are plenty of them nowadays who do that."

"Frankly, I don't know him -nor any of the Australian directors except Lant. The Chairman is out there."

"Well, I looked him up

over here. His place is in the market and he divorced his wife, or she divorced him. I suppose he went over there to get out of the way."

"Do you mean to say, Mr Wendern, that you don't know any of the men on this Board?" the parson asked.

"There are two names that I'm told represent successful men of business-Golbreath is one, and the other is Clayton -Franklin Clayton who gave £15,000 to an educational scheme in Sydney ten years ago. These two would hardly have appeared on the prospectus, or at any rate remained on the Board, if they'd not been satisfied

"Well, we're not satisfied," Digby blustered. "Then there's this Lord Derbyshire on the Board this side. Do you know him? and if so, what's the good of him?"

"Yes, I know him, but I'm not responsible for him. Lant, who invited him to become a director, will, no doubt, be able to reassure you on all these points when he arrives." Wendern's voice showed that he was bored.

"But we've come to ask you questions, and we expect them answered," Digby insisted. "Our money has been lying idle for a couple of years, or it has fallen into pockets that are not ours. We can't get hold of the men out there, and we don't know anything about this Lord Derbyshire over here, but you're the London Managing Director. We took you to be straight- -" he stopped, for he suddenly realised that this leisurely polite

gentleman might not be as easygoing as he seemed. He added in a different voice, "And I suppose you take your fees?"

"As it happens," Wendern said quietly, "I've not taken any fees. I want you to understand that Mr Lant will be in England immediately. In fact, I expected him in time for this meeting."

"I shall tell him I want my £2000 back," Lazarus whined. "Every penny of it was made in good honest trade. I should never hold up my head again if I

lost it.'

"You expected a large profit five-and-twenty per cent perhaps?"

"I expected to make fiveand-fifty per cent, five hundred and fifty per cent

"You should also have expected to lose," Wendern answered coolly. "A man who expects to make five-and-twenty per cent, much less five-andfifty, is a fool-if you'll forgive my candour-unless he is prepared to lose. Things that are absolutely safe bring in three and a half per cent-even less -as you know well enough. What have you to say?" he turned suddenly to a goodlooking young man whom he had identified as Bennett.

"What I have to say is this, sir. I had a thousand pounds and was engaged to be married. The prospectus of this Syndicate looked fair enough, seemed better than insuring my life. I thought you yourself wouldn't back a thing you didn't know to be good; I'd heard about you from a friend who knew Lant, and between the two I

"I believed it to be all right."

"One should do more than believe when one uses other people's money one should know," there was no intention to offend in the voice.

"You are quite right," Wendern answered quickly, "I did know-I do. Well, and why did you come in-you, my friend?" he turned to the cripple.

"I put in the £500 I got for these," indicating the crutches. "Accident on railway compensation-I expected to get a little income out of it."

"Poor chap, it'll be all right." He looked at another youth, he was called Dobson, "and you, you are youngtoo young to speculate in syndicates. Are you rich?"

The answer came with a nervous laugh. "Rich! I rich! Mother asked my advice. She got £500 from the insurance when father died, and I got £500 when I came of age last year; grandfather left it. Mr Lant used to come to the office, knew my governors, he seemed to be all right and I was always seeing your name in the papers. I thought if it paid ten per cent it would be £100 a-year for her, or any how we could take the capital out when the shares were worth double."

"Ah, you ought to have known better. And you, reverend sir," to the parson who was trying to maintain the dignity of his cloth as well as he could in the office of a Syndicate which he had been recently told was a wild-cat

"Two thousand pounds," came the severe answer. "You

probably remember meeting me at luncheon a year ago at Sir John Carneford's? Carneford Manor is twelve miles from my living in the country."

"No, I don't remember. I am sorry."

The voice that answered was measured and sermonic. "We had some talk that day, and I took you to be an honourable man." ." Wendern looked up, but it had no effect,-"A month later I saw you were Managing Director over here of this Syndicate, and that Mr Lant held the same position in Australia. I had often met him when we were in London; he most kindly took us all to the Hippodrome. I imagined that the affair was sound in every way, and that I might provide for my children more adequately than by investing the £2000 in the usual securities. I was told I should double my capital. Sir John Carneford thought so too, and advised me to do it; he put in £1000 himself

دو

"All very well for Sir John Carneford, but capital is seldom doubled without risk, and risk of this sort is not good for men in your profession.'

"What do you mean by risk of this sort?" Bennett asked him.

"I mean that these Estates were bought for development on the chance of their proving to be worth much more than was paid for them; and whether they were or not was the risk." He looked across at the apparently well - bred man, "What is your holding?" he asked.

"Same as the parson, a couple of thou"."

"What made you risk it?"

"I met Lant at Ascot, he was there with Derbyshire, who said he was in it. I had precious bad luck, every horse I'd touched; thought I might pick up over this. Derbyshire said he thought so too. If the cash is gone I shall be done for." "I see. You were none of you fit people to have the control of money."

"When you've done treating us as schoolboys" Digby stopped as if he had exhausted himself.

"It is not your business whether we are fit or unfit, Mr Wendern, but- the parson began and hesitated, not knowing how to go on.

"And you know, hang it, as Digby says, we didn't come to be asked questions but to ask them ourselves," put in a man at the back.

"What is the blessed Syndicate actually doing?" Shaw inquired; he looked round at the rest as if he didn't think much of them. "That's what we want to know."

"The last Report has told you. I have no later information."

"But excuse me, my dear sir," the tone was courteous, "you are Managing Director, and surely it is your business to have information."

"No; only to see that when it comes it is duly circulated among the shareholders."

66

'Well, but who looks after the business?"

"The Managing Director over there, who is Mr Christopher Lant, the working manager appointed under him, and the rest of the staff, of course, with the knowledge and approval of the Directors."

"But you're on the Board of Directors?"

"I am, and my part is to manage the business here, but the movements of the Syndicate are naturally there, where its property lies."

"You vouch for the property being there and for its value?" "No; only for my belief that it is."

"But why did you join the Board unless you knew a good deal more than you do?"

"I knew Christopher Lant in the Colonies, and had no reason to think him anything but an honest man, who had made a large fortune by his business dealings. He brought forward this Syndicate and the working scheme. He told me that he had put in £50,000, and asked me to go into it-I put in £20,000

"Fools and their" Digby began, but he was silenced again by a look.

"I read the prospectus, as you presumably did, and the report of the Surveyor and Engineer employed to examine the estates. I have never been

to the district in which they are situated; but I have heard of its resources and imagined -a conclusion based on the reports I have named - that these resources also belonged to the Bangor Estates. I felt justified in risking my own money, and, though I asked no one else to do so, I saw no reason to prevent other people from risking theirs. Developments of large estates are not executed in a day.”

"You see all we know about this Syndicate is what you two men have chosen to tell us,' Shaw said.

"Not at second-hand-for you haven't even seen the place, seen nothing, in fact, but Lant and the prospectus.'

"Our reverend friend here who preaches salvation," Wendern nodded at the parson, "hasn't been to Heaven, only read about it."

"My dear sir--" Mr

Graham was shocked.

"I'm simply trying to prove," Wendern explained, "that the world couldn't go on if we didn't trust men whom we have no reason to believe are liars and scoundrels."

Digby, at a loss what to do in face of Wendern's manner, muttered, "I don't care if it costs me £5000, I'll make it hot for you all if my £500 is lost."

"Lost! If our money is lost it would break my wife's heart," the parson said it to himself, but Wendern heard. The words were like a lash.

drown than

"I'd rather tell mother if her money's gone," the young man put in piteously.

"You were none of you, as I said just now, fit people to speculate in a concern of this sort," Wendern repeated, but there was a note in his voice that reassured the anxious ones. "The issue was altogether too important to you, and should have been left to richer men. Luckily there is no reason to think this Syndicate a swindle as such things often are, though the Estates may turn out ill or well; in any case the losses will not be very great, for the largest shareholder, after Mr Lant and myself, only stands only stands to lose £3000. There are not more than fifty people in it altogether. I have proved what I thought of it by putting in my own money, and I stand or fall with you."

"Well," said Shaw, "we expect you to see that we don't fall. You can afford to lose a bit, probably have more than you know what to do with, we haven't—it's the other way round, in fact."

"If you and Lant are millionaires," put in Digby, "why don't you take up our shares between you and run the accursed thing yourselves?"

The idea seemed to amuse Shaw. "What's a millionaire for," he said, "if he doesn't take the monster chance?"

"That's a very interesting proposal," Wendern looked as if struck by the idea. "I should like to consider it, say till next week."

"We should like it settled