THE Camperdown Club in Pall Mall is famous for its cuisine, and young Lord Stranleigh of Wychwood provided a lunch on the day of the great coup that was notable even in the Camperdown. The elder Mackeller did justice to the prime vintage which his lordship shared with him, but young Mackeller proved to be a water drinker. After lunch they retired to a small private smoking room, where they could review the situation without being interrupted, and here coffee, liquors, cigars, and cigarettes were set out, and the waiter retired.

“It would seem, then,” began his lordship, “that you and I, Mr. Mackeller, are owners of a property situated somewhere along the west coast of Africa, a dozen miles or so up a river whose name I do not remember, and which I could not pronounce if I did.”

“The Paramakaboo,” interjected Mackeller, junior.

“Thanks,” drawled Lord Stranleigh. “The property is known as the Red Shallows: I suppose because gold is red and the deposit is on the surface.”

The two Mackellers nodded.

“I hope I am not unduly confident when I take it for granted that there are no ’buses running to Para-what-you-call-it, nor steam launches either?”

“No,” said Peter Mackeller, “it is several hundred miles from the nearest port of call by any of the regular liners, or even tramp steamers. Once there, you must charter whatever kind of sailing craft is available, for the mouth of the Paramakaboo.”

“I see. Now, I presume, Mr. Mackeller, that, being an adept at this sort of thing, you have made your purchases of shares strictly according to the rules of the game. No hole is left for this syndicate of seven to crawl out, is there?”

“No,” said the elder Mackeller.

“They will probably try to wriggle away,” suggested Stranleigh, “as soon as they learn they are trapped.”

“Undoubtedly,” replied Angus Mackeller, “but I see no way of escape except through the court of bankruptcy, which is a road these men won’t want to travel, and even if they did, they have lost all this property, at any rate. They’ve done themselves out of Red Shallows, whatever happens.”

“How many shares did you buy, Mr. Mackeller?”

“In round numbers, three hundred thousand.”

“And how much did that cost me?”

“Again in round numbers, thirty-seven thousand, five hundred pounds. Some of the stock was bought as low as two-and-four, the bulk at half a crown, and a quantity of shares at two-and-seven and two-and-eight. I’m reckoning the lot to average half a crown a share.”

“How many shares does the company possess?”

“The authorized capital of the company is ￡250,000 in shares of one pound each. Fifty thousand shares were sold to provide working capital, and ten thousand allotted to me for forming the company, and securing the fifty thousand pounds without publicity.”

“Well, Mr. Mackeller, my head is useless so far as figures are concerned, but it seems to me, speaking heedlessly, that these men have promised to deliver to me sixty thousand shares, the bulk of which does not exist, while the rest is in our possession.”

“More than that, Lord Stranleigh,” replied Mackeller, “because I bought a quantity of shares in addition to the ten thousand allotted me; then three or four of my colleagues have not sold, including your friend, the Honorable John Hazel.”

“Well, then, it would appear that these syndicate johnnies have bitten off more than they can chew, as they say out West. How soon will they discover the particulars of the situation?”

“They doubtless know it now, my lord.”

“And what will be their first move?”

“They will probably endeavor to compromise.”

“Which means they will try to see you, for of course they know nothing of me in this transaction.”

“It is very likely they will approach me.”

“What will you do, Mr. Mackeller?”

“I shall await your instructions.”

“Oh, my instructions are of no value. I’m a mere amateur, you know, whose dependence is on you. What is your advice, Mr. Mackeller?”

“I should compromise if I were you.”

“Yes, an Englishman dearly loves a compromise, doesn’t he? But if I thought these fellows would put up a decent and interesting fight, I should like to see them squirm.”

“That isn’t business, my lord.”

“Isn’t it? Well, what would the city call business in this instance?”

“Strip them of everything they possess, short of making them bankrupt.”

“Oh, that’s a beastly sort of compromise! That’s the city’s idea of fair play, is it? Well, I’m blest! They’d surely fight if confronted with such a prospect as that.”

“How can they fight? They’ve undertaken to turn over to you anywhere from sixty to seventy thousand shares of Red Shallows, which they do not possess, and cannot obtain. You’re the only man in the world from whom they can buy this material which they have sold. There is no competition in this deal. They must pay the price you ask. If you say these shares you bought for two-and-sixpence are now worth ten pounds, they must pay the difference, or go broke.”

“Well, Mr. Mackeller, that seems simple enough, doesn’t it? The only information I need is how much money these fellows possess. How shall I set about finding out?”

“Your bank could give you a pretty close estimate, and I’ll inquire at mine.”

“Then that’s all settled. I’m cast for the hardhearted villain in the piece, I suppose?”

“Yes, you may be hard-hearted or the reverse, just which you choose.”

“Will their women and children come and plead with me, on their knees, with tears in their eyes?”

“I’ve known that done, my lord, but I’ve never heard that it has had any effect in the city.”

“I think I’ll turn that job over to you, Mr. Mac-keller. You’ll be my plea-receiver. I dislike having my emotions worked upon. They tell me that a harrowing of the emotions causes wrinkles and sallowness, and I’m particularly careful of my complexion. Both you and your son seem to have neglected these simple precautions, for your complexions are irretrievably ruined; yours through leading a hard-hearted life in the city, and his by yachting on the river Paraboola.”

“Paramakaboo,” corrected young Mackeller.

“Thanks, so it is. How should we make the first move toward gathering in those shares which do not exist?”

“I suggest,” replied the elder man, “that you should formally demand that the president of the company and the board of directors turn over to you all the papers and belongings of the company, also its balance at the bank, also the resignations of the president and each of the directors. Give them legal notice that no check is to be drawn upon the bank account.”

“How much money do you suppose is left in the bank?”

The younger man answered.

“They have chartered the tramp steamer Rajah, which now lies at Southampton. I was in charge of its fitting out. A few thousand pounds have been spent in surface-mining machinery, in provisions, and in corrugated iron for the building of shelters for the engineering staff and workmen. It was not the intention at first to erect a smelting furnace at the mine, but to load the ship with ore, and send her back to England. I returned to London from Southampton, when my father telegraphed to me about the crisis in the affairs of the company. I had spent less than five thousand pounds, so there should be forty or forty-five thousand pounds in the bank.”

“I suppose,” suggested his lordship, in a tone of supreme indifference, “that they have probably drawn the whole amount out by this time, and perhaps have divided it among the immaculate seven.”

“In that case,” replied the elder, “they will be forced to account for every penny of it.”

The conference was here interrupted by a gentle knock at the door, and one of the club servants, entering, presented a card to Lord Stran-leigh, which bore the words, “Jacob Hahn; Hahn and Lewishon, Solicitors, Frankfort Buildings, Bucklersbury.”

“I don’t know this man,” said his lordship, looking at the servant. “Are you sure he asked for me?”

“Yes, my lord.”

“Perhaps it’s you he wishes to see, Mr. Mac-keller. Do you know Jacob Hahn, solicitor?”

“Oh, yes, Hahn and Lewishon. They are solicitors for the syndicate, and also solicitors for your Red Shallows company.”

“Ah, quite so! Had I better see him, or shall I refer him to you at your office?”

“As this is a private room, my lord, and as there are three of us present, while he will be alone, I think it would do no harm to hear what he has to say.”

“Very good. Bring him in.”

Jacob Hahn proved to be a big, genial-looking man, with a cast of countenance that gave but a very slight hint of Hebraic origin. Despite the air of confidence with which he advanced, he seemed to be somewhat taken aback at seeing Mackeller and his son seated there. He nodded to them with a smile of good fellowship, nevertheless, and said to the elder man:

“Perhaps, Mr. Mackeller, you will introduce me to Lord Stranleigh of Wychwood.”

“That is as his lordship says,” commented Mackeller grimly, but Lord Stranleigh rose to his feet with a smile as engaging as that of the solicitor.

“I think no introduction is necessary, Mr. Hahn, for I understand you and your partner represent me, temporarily, at least, so far as the Red Shallows property is concerned. Pray, take a chair, Mr. Hahn. May I offer you some coffee, and what liquor do you prefer?”

“No liquor, if your lordship pleases. Thanks for the coffee.”

“Then help yourself, Mr. Hahn, to cigars and cigarettes, whichever you prefer. You’ll find them not half bad.”

“Thank you.”

“How did you know I was interested in the gold mine, Mr. Hahn?”

“Ah, your lordship, it is our business to make these little discoveries. I called at Mackeller’s office, but no one knew where he was. I realized, however, that he had not been the financier of this rather startling incursion, and it was not long before I learned the facts of the matter. Oh, not at your office, Mr. Mackeller! There was no one there but that most discreet old man who is even more difficult to pump than you are yourself. I’ve tried it with both of you on various occasions, so I am quite competent to make a comparison,” and with this, the good-natured man laughed. “I then drove to your residence, my lord, and finally to this club, on the chance of finding you.”

“Ah, you city chaps are so clever, Mr. Hahn, that it is easy for you to catch us less alert people of the West End.”

The solicitor laughed heartily, as if he greatly admired Lord Stranleigh’s remark. He was a very friendly person, and beamed upon the young nobleman in a most ingratiating manner.

“I’m afraid it’s the other way about, my lord. I happen to know several stockbrokers who within the past few hours have come to the conclusion that the West End is up to snuff, as one might say. There are some people in the city who have been caught, to repeat your own word.”

“Really? Have some of the stockbrokers been getting nipped? I always understood they were a very sharp body of men.”

“They are generally supposed to be, my lord, but in the case we were just speaking of, some of them tell me they have oversold; that is to say, they have promised to deliver shares which are not at present in their possession, a rather reckless thing to do.”

“Oh! then it was the stockbrokers who made that mistake, was it?”

“Yes, some of them exceeded their instructions. They knew that there were in existence some two hundred and fifty thousand shares, and when our shrewd friend here, Mr. Mackeller, approached them for five or ten thousand, some of them imagining they could get practically as many more as they desired—for the stock had been kicking about London for a week with no takers, and, being temporarily blinded by the commission they were to receive, and the fact that the purchase was a cash transaction, which I imagine they had some doubt of Mr. Mackeller’s ability to make good—they pressed upon him more shares than had been given them to sell, and now they are in rather a panic. I think I am correct in saying, Mr. Mackeller, that in several instances you were offered more shares than you asked for?”

“I didn’t ask for shares at all,” gruffly responded Mackeller, “but I learn from my brokers that in all instances they were offered more shares than they required, but my instructions were definite enough, which were to accept and pay for all the shares they could get. In one or two cases, my brokers telephoned to me for instructions, and I suppose that’s how the news got out that they were acting for me, and if these brokers of yours thought they were pushing farther into a corner a man already there, they can’t expect much sympathy from me when they find themselves in the corner instead.”

“Ah, no one would be optimistic enough to expect sympathy from you, Mr. Mackeller,” pursued the lawyer.

“Then they won’t be disappointed when they don’t get it,” curtly commented Mackeller.

“I beg your pardon, Mr. Hahn,” interposed Stranleigh, “but am I to take it you have come to see me on behalf of these unfortunate stockbrokers?”

“No, my lord. I represent Mr. Conrad Schwartzbrod and his colleagues.”

“Oh! and who is Mr. Schwartzbrod?”

Before the solicitor could reply, Mackeller said, with lowering brows:

“He is the head of the syndicate, the president of your company, and his colleagues are the board of directors.”

“I see, I see. Then Mr. Schwartzbrod and his friends are not sufferers by this little deal of mine?”

“Oh! bless you, no, Lord Stranleigh, except in so far as they have parted with their property a little more cheaply than they had intended. I believe Mr. Schwartzbrod considers that a fair price for the shares would have been from three-and-six to four shillings.”

“I’m not very good at figures,” complained his lordship, with a slight wrinkle in his forehead, “but if three-and-six is a fair price, then the loss of the syndicate is merely a shilling a share, and as they sold me three hundred thousand shares, that comes to—” He looked helplessly at Mac-keller.

“Fifteen thousand pounds,” said Mackeller sharply.

“Ah, thanks. Fifteen thousand pounds. Well, that divided between seven amounts to——”

Again he turned an appealing eye to the somber Mackeller, who replied promptly:

“Two thousand one hundred and forty-two pounds, six shillings each.”

“I’m ever so much obliged, Mackeller. What a deuce of an advantage it is to possess brains! I am told that east of the Danube people cannot figure up simple little sums in their mind, and so this gives the Jews a great advantage over them in commercial dealings, which adds to the wealth of the Jew, but detracts from his popularity. I fear the inability to count often begins west of Regent Street, and afflicts many of us who are accustomed to paying the waiter at the club exactly what he demands. But to return to our muttons, Mr. Hahn, I must congratulate you on the fact that your clients, who I understand are rich and estimable men, lose merely a couple of thousand each on a deal involving some hundreds of thousands, although it occupied but a few minutes of the time of forty stockbrokers acting simultaneously. I suppose as the amount of their loss is so trifling, you have not come here to make any appeal for clemency on behalf of the respectable Mr. Schwartzbrod and his colleagues?”

“Oh, not at all, your lordship. No, Mr. Schwartzbrod is merely anxious that the transfer should be made in such a way as to give you as little trouble as possible.”

“I’m delighted to hear you say that, Mr. Hahn, because the sole purpose of my life is to avoid trouble. I employ no less than twelve solicitors to intercept whatever trouble comes to hand so that it doesn’t get past them to me. I should be glad to take on another solicitor, but that would make thirteen, which is a very unlucky number, Mr. Hahn. Mr. Schwartzbrod and his partners, then, will put no difficulties in my way?”

“Oh, none in the least, Lord Stranleigh. They have commissioned me to convey their compliments and congratulations to your lordship on the acquirement of what they consider a very valuable property.”

“Oh, not so valuable, Mr. Hahn. Only a shilling a share, you know. Still, I believe that’s considered a reasonably profitable margin. I don’t know exactly what per cent it runs to, but——”

“Forty per cent,” snapped Mackeller.

“Is it really? Well, I think I’m only getting four on a large portion of my money. I must speak to my investment solicitor about this. If a mere amateur like myself can make forty per cent in ten minutes, don’t you think a solicitor should do better than content himself with four per cent in a whole year?”

“Your investment solicitor probably takes no risk, Lord Stranleigh.”

“Ah, that will be it. I knew there was a flea on the wall somewhere, but, you see, I’m not well versed in these things. But I interrupted you, Mr. Hahn. You were going to say——”

“I was going to say, my lord, that there are two hundred and fifty thousand shares in the company, all of which are now vested in yourself, Mr. Mackeller, and probably one or two others. Of course the unfortunate stockbrokers cannot produce the fifty thousand shares or more that are not in existence, and I don’t suppose your lordship has any thought of forcing these people into bankruptcy merely because of a little overzealousness on their part. Noblesse oblige, you know.”

“Ah, quite so. Noblesse oblige. I thought the phrase hadn’t penetrated yet into the city.” Again the solicitor laughed heartily.

“A fair hit. A fair hit, my lord. Well, as I was about to add, Mr. Schwartzbrod and his friends are prepared to transfer to you instantly this property if you desire this to be done.”

“Yes, I rather think that is my desire. You see, when a man buys a thing, and pays the money for it, he usually expects it to be turned over, don’t you know?”

“Quite so, my lord. I have brought with me the documents pertaining to the transfer, all duly made out, signed and sealed, ready for delivery. But it occurred to my principals that perhaps you did not care yourself to develop the property, and perhaps your intention was to take what you considered a fair profit on the transaction, and relinquish whatever claim you possess on this land. You would thus make a clear gain, and run no further risk.”

“Mining is a somewhat uncertain business, isn’t it, Mr. Hahn?”

“Personally, I have had no experience with it, my lord, but they tell me that gold-mining is about the most hazardous occupation that a man can adopt. If he is not a practical miner, he is swindled on all hands by those to whom he intrusts the operations.”

“I’m afraid I am not a practical man, Mr. Hahn, and know as little about gold-mining as you do.”

“In that ease, Lord Stranleigh, I think we should have no difficulty in arriving at an understanding acceptable to both sides.”

“I should be delighted. What do your principals consider a fair profit?”

“That is a matter for mutual discussion, my lord. They propose to pay you back the amount you have invested, and in addition to that hand over to you, say fifteen or twenty thousand pounds. Or they would be willing that you should retain a substantial holding in the venture if you wish to profit by their experience, and that there should be a pro rata deduction from the amount they are to hand over to you.”

“I see. Well, that is very good of them, but as I told Mr. Maekeller to-day, I am by way of being a plunger. It is all or nothing with me, and so, having in a manner of speaking been drawn into the vortex, I think I’ll stay in and see what happens. That being the case, I think it would be most unfair to make others share a risk over which they could exercise no control. I dare say I am very stupid. My friend, Jack Hazel, who knows city men and their ways, says that it is a practice there to minimize risk by spreading it over a number of persons, but I shouldn’t be happy, if my plans went wrong, to think that others were suffering through my foolishness. I should feel toward them as Mr. Schwartzbrod feels toward those unfortunate stockbrokers who exceeded his instructions, a sentiment which does him great credit. So, if you don’t mind, I think we will confine our attention to the simple transfer you propose.”

“Very good, my lord. Whatever plan commends itself the more strongly to your lordship will be cheerfully acquiesced in by my principals. Here, then, are the papers which make over the gold fields to you, and if you will just sign this formal receipt we may regard the transaction as complete.”

“My dear Mr. Hahn, it is a pleasure to deal with a man of your courtesy and comprehension.”

His lordship, with a bow, took up the papers the other had laid down on the table, glanced at them, and passed them along to Angus Mackeller, who scrutinized them with the eye of a hawk. His lordship then read very slowly the document he had been asked to sign, and he took a long time in his examination, during which period the keen eyes of the solicitor could scarcely conceal their apprehension. At last his lordship laid it down.

“I am somewhat at a disadvantage,” he said, “among legal instruments. As I informed you, I am fortunate in possessing the services of a dozen sharper men than myself who are good enough, for a consideration, to advise me on these topics. But, alas! not one of them is present at this moment.”

“Why, my lord, I don’t think you have any reason to complain. I’m here alone, without any corroborative witness on my behalf, while there are three of you sitting here.”

“Ah, now you speak, Mr. Hahn, as if we were contestants—combatants, as one might say—instead of being a quartette of friends. There is no need of witnesses where everything has gone on as smoothly as has been the case since you entered this room. You represent men who are only too anxious to do the right thing, and you meet, I hope, a man who is desirous of effecting a compromise, and I think I may say the same for my friend Mackeller. I am sure nothing would give Mackeller greater pleasure than to treat Mr. Schwartzbrod in the same generous, equitable way in which Mr. Schwartzbrod would treat him.” The solicitor leaned back in his chair, while his smile became a sort of fixed grin.

“Precisely, precisely,” he murmured.

“Of course I don’t pretend to penetrate into all the intricacies of this apparently simple little receipt, but it seems to me that in Mr. Schwartzbrod’s generous desire to protect his stockbrokers, he is doing so, doubtless unconsciously, at my expense.”

“At your expense, my lord?”

“Well, that’s the way it looks to me. These stockbrokers, poor devils, must produce some sixty or seventy thousand shares on which they cannot lay their hands, and this, as my ancient friend Euclid used to remark, is impossible. Now, if I sign this receipt, it appears that I waive all claim against these unfortunate, but nevertheless careless stockbrokers.”

“I thought it was understood, my lord, that, as you obtained quiet possession of the gold field, you were not inclined to push to the wall—I think that is your own phrase—a number of men who, as things are going in the city this year, have not been overburdened with business. Indeed, the stagnation in financial circles, the high bank rate, and all that, doubtless accounts for the eagerness with which these men, regarding the honest commission they were earning, ventured to overstep the bounds set for them, thus placing themselves, as one may say, at your mercy. I somehow took it for granted that you had no animus against this unlucky score.”

“Animus? Oh, no, bless my soul, not the least. Animus is an emotion I confess I scarcely know the meaning of. I think all my friends will tell you I am a most good-natured chap, who would rather forgive an injury than remember it.”

“I am delighted to hear you say so, my lord, and admit that, for the moment, I was slightly apprehensive.”

“Your apprehensions were quite groundless, Mr. Hahn; quite groundless, I assure you. I shall not injure one of your stockbrokers, and when you report my words to the kindly Mr. Schwartzbrod and his colleagues, I can fancy with what relief they will hear your repetition of them.”

“Thank you, my lord, I shall have great pleasure in telling them what you have said.”

“On the other hand, Mr. Hahn, justice is justice, as you yourself would be the first to admit. I am entitled to what Mr. Schwartzbrod and his coadjutors would call fair profit on these sixty or seventy thousand shares they cannot produce. Now, although I am so ignorant of business methods, I nevertheless believe that a principal is responsible for the actions of his agents. My chauffeur was fined, down in Surrey the other day, for exceeding the speed limit. I was not in the car, but here in my club. Nevertheless, I was compelled to pay the fine and the costs, because the chauffeur was in my employ. The syndicate of seven, animated, as I believe, by a desire to crush Mr. Mackeller and possess themselves, not only of all his stock, but of the shares of his friends who paid a pound each for them, forgot during one critical ten minutes that a buyer might happen along who had some money in his pockets. It is due to the energy and the persuasive powers of this young engineer here, formerly in their employ, that a purchaser materialized at the crucial moment. I think it is a fact that if Mr. Schwartz-brod and his distinguished company of pirates had not jauntily run up the black flag with the skull and crossbones on it, they would not be today in the place of jeopardy in which they stand. To continue my nautical simile, they thought Mr. Mackeller here was an unprotected merchantman, and proceeded to board and scuttle him, when over the horizon there appeared the latest thing in turbine twenty-five-knot-an-hour cruisers, armed with 4.7 guns, or whatever bally pieces of artillery such a cruiser carries. Now, after presenting the good Mr. Schwartzbrod with my compliments, tell him not to lose any sleep because of the unfortunate stockbrokers, because I am going to attack him, not them. If, in the scrimmage, any of the stockbrokers go under, I will set them up in business again, but I shall not do so at my own expense. I shall simply raise my price to the immaculate syndicate of seven.”

All geniality had departed from the solicitor’s face, leaving it hard as granite.

“I think you are threatening us, Lord Stran-leigh,” he said.

“Oh, dear me, no. How can you put such a construction on my words? I am merely making a suggestion. You will leave with me all those transfer papers. You will ask Schwartzbrod and the six directors to send me their resignations. You will warn them not to draw a penny from the bank account of the company.”

“The bank account of the company is already overdrawn,” said the solicitor; then apparently thinking he had spoken a little prematurely, added hastily: “at least, so I understand. They have gone in largely for materials necessary for the development of the property.”

“Oh, that is very interesting, Mr. Hahn. You don’t happen to know at what time to-day the money was taken out?”

“I didn’t say it was taken out to-day. I don’t know when it was withdrawn.”

“Of course not. Still, that is a trifle that really doesn’t matter, and doubtless your principals will ask of me to allow them quietly to replace it.”

“I cannot leave these transfer papers with you unless you sign that receipt. You know enough of business to understand that, I suppose. A man like myself, acting merely as agent, must have documentary proof that he has fulfilled his duty. If I leave the papers with you, I must bear away the signed receipt in lieu of them.”

“I’ll willingly sign a receipt, Mr. Hahn, simply acknowledging your delivery of the papers.”

“My instructions were quite definite, my lord, and I dare not vary from them.”

“Oh, I thought that Mr. Schwartzbrod had placed negotiations entirely in your hands, and would do as you advised.”

“I shall, of course, give him my best advice, but I honestly could not advise him to part with all his advantages in the situation, and receive nothing in return.”

“His advantages? What are they?”

“Well, my lord, they are probably greater than you imagine. He and his colleagues have been elected president and board of directors of the Red Shallows company. They hold office for a year. You spoke just now of the withdrawal of the money. It is quite within their legal right to not only withdraw the money, but to issue debentures against the shares that you hold. If you read the articles of association, you will see that this is so. Although you hold all the shares of the company, you cannot compel them to resign, and you cannot vote your stock until the next annual meeting, which is nearly twelve months distant. During that time the president and board of directors, who are clothed with large powers, for I myself drew up the articles of association, and I know their contents—these seven men may do practically what they please with your property, unless we come to an amicable settlement.”

“Ah, who is threatening now, Mr. Hahn?”

“I am not, my lord. I am merely telling you, in the plainest possible words at my command, just how the situation stands.”

“I thank you, Mr. Hahn, for the clarity of your explanation. I take it, then, that you cannot leave these documents with me?”

“Not unless you will sign that receipt, my lord.”

“As I feel disinclined to do that, Mr. Hahn, and suffer no qualms of conscience whatever regarding the unlucky stockbrokers, I hereby return them to you, receipt and all. Now, you tell Mr. Schwartzbrod that the price of Red Shallows shares is one hundred pounds each, and if there are seventy thousand shares coming to me which your principles cannot produce, their check for seven million pounds will do me quite as well.”

“My lord, you pretend ignorance in business affairs. I suppose you are now trying to prove it. You cannot make the shares a hundred pounds apiece, nor can you enforce such an exorbitant condition through any court in the land. My principals would receive relief from any court of equity.”

“It is not my intention, Mr. Hahn, to trouble the courts with the matter at all. In fact, I refuse to accept cash from your principals. They have sold me the shares, and I insist on the delivery of those shares. I happen to be the only person in the world who owns the shares, and my price for each share is a hundred pounds. Your principals will be compelled to beg me to sell them the shares. As a matter of fact, I do not intend to place any such figure upon them. I merely used a hundred pounds as an illustration. Of course, if I put them at that price I would break your principals, and no court in the kingdom could save them. To be perfectly frank with you, for I do not possess the mental qualification necessary to cope with business men of genius such as I doubt not your principals are, I will now tell you what I intend to do. I shall put the price of shares at exactly what your people sold them to the public for, that is, one pound each. They cannot complain of my doing what they have done themselves, now can they? It is true that I bought these shares at two-and-six, but that also was not my fault. They, by throwing their shares on the market, knocked down the price to the figure I have named, and I bought the shares from the stockbrokers of your principals. If you say their action was not done to embarrass Mr. Mac-keller, then I at once accept your statement as true. For some other reason they battered down the price from one pound to half a crown. A few weeks ago they had sold fifty thousand of these shares for one pound each, and because of their unexplained smashing of the market, these good people lost a large portion of the money they had paid out. Now surely, surely, being a just and equitable man, your Mr. Schwartzbrod cannot refuse to drink the cup he has himself brewed. He could not show even the court of equity that I was doing a usurious thing in placing the stock back at the figure he himself originally settled, in following the illustrious example of Mr. Schwartzbrod himself. Now, I leave it to you, Mr. Hahn, as a fair and just man, whose indignant expostulation at my figure of a hundred pounds was most laudable, and entirely to your credit, are you not surprised at my moderation?”

“I should hardly go so far as to say that, my lord. This stock cost you thirty thousand pounds.”

“Oh, don’t underestimate, Mr. Hahn, it cost thirty-seven thousand five hundred pounds.”

“Even in that case you are asking my principals to pay double. In other words, you will have deprived them of their property, getting it not only for nothing, but with a bonus of thirty odd thousand pounds in cash. If that is not an act of piracy, as you said, what in the name of Heaven is?”

His lordship shrugged his shoulders, and spread forth his hands. His expression showed that he was grieved and disappointed.

“Then instead of thanking me——”

He sighed deeply and did not continue the sentence.

“As I have informed you, Lord Stranleigh, my principals are not liable to you for those seventy thousand shares. You must seek your remedy against the stockbrokers.”

“That is exactly what I shall not do.”

“Then you will be non-suited in the courts.”

“But, my dear sir, haven’t I been telling you I’m not going to the courts? Like all respectable pirates, I abominate a court of law. It’s such a waste of time, don’t you know. Not only shall I take no action against the stockbrokers, but if your principals do not agree in writing also to take no action against them the price of shares shall rise suddenly. I am so much in sympathy with Mr. Schwartzbrod’s tender feelings toward the stockbrokers that I intend to protect them, and I am sure you will forgive me if I say that I very much doubt if any of the stockbrokers exceeded their instructions, even though times are hard in the city.”

“Then,” said Mr. Hahn, rising, and replacing the documents he brought once more in his inside pocket, “that is your ultimatum, is it?”

“I beg you, Mr. Hahn, not to give to my poor and stammering remarks so harsh a term. Ultimatum? Bless us all, no. I’m no President Kruger, but merely a somewhat lackadaisical man who is innocent of many of the ways of this wicked world. I hope you won’t represent me to the virtuous Mr. Schwartzbrod as a hard, contentious fellow. Tell him that I’m the most easy person in the world to deal with. Tell him the moment he sends me his check for seventy thousand pounds—I hope it will be a little less—Mr. Mac-keller here will figure out the exact amount, and run it into shillings and pence, and even farthings if necessary—the moment I get that check, the resignations, the guarantee that no harm will be done to the simple-minded stockbrokers, the balance in the bank, and some account of everything the company has done since it came into existence until the time it fell into my hands, why, tell him he has no greater admirer or well-wisher than myself.”

“I shall give him your message, my lord.”

“Do, but add to it that charming Biblical text, ‘Agree with thine adversary quickly.’ I think there’s something about squaring up things before the sun goes down, but I shan’t be so hasty as all that. Stock will remain at a pound during tomorrow. Next day it will rise a shilling, next day another shilling, the third day a third shilling. It’s so very easy to keep count of; just make a red mark on your calendar to-day, and if he allows two weeks to go past, why, there’s fourteen shillings added to the twenty he would have had to pay before.”

The solicitor, who would have made an excellent actor, forced a laugh that did not sound half bad.

“Ah, you are joking now, my lord.”

“I don’t think so, Mr. Hahn, although I do sometimes joke unconsciously.”

“You will, I am sure, give us a week to think this matter over.”

“Oh, very well. Anything for the sake of peace and quietness, and an amicable settlement. I should hate Mr. Schwartzbrod to think me exacting. Now, don’t go away thinking I’m reluctant to make concessions, and big ones. That’s seven shillings a share I am giving you, and on seventy thousand shares—how much is that, Mr. Mackeller, you know I’ve no head for figures?”

“Twenty-four thousand five hundred pounds.”

“Why, look at that, Mr. Hahn. Here are you, who refuse to leave me those documents you carry, who have been thinking hard of me—there, don’t deny it; I saw it by the expression of your countenance—here am I giving to Mr. Schwartz-brod and the delectable six a present of—of—of——”

“Twenty-four thousand five hundred pounds,” prompted Mackeller the elder.

“Yes, twenty-four thousand five hundred pounds in hard cash, bestowing it upon men I never saw, and up till to-day never even heard of. I don’t want to boast of my virtues, Mr. Hahn, but I doubt if you could find any man in the city who would so jauntily fling away twenty-four thousand five hundred pounds. I got the amount correct that time, Mackeller. I’m improving, you see.”

“Very good, my lord. Shall I communicate with you further at this club?”

“No. Hereafter our interviews must be on a hard business basis. The generous nature of our ‘78 wine makes me a little open-handed. The next interview will take place at Mr. Mackeller’s office in the city any time that suits your convenience, and I should be glad to have twenty-four hours’ notice, because I mustn’t devote my whole life to finance, don’t you know, for I am rather fond of automobiling, and may be out of town.”

“Thank you. Good afternoon, my lord. Good afternoon, Mr. Mackeller.”

The solicitor departed, and Lord Stranleigh smiled at his two companions, who had sat so long silent.

“Well, my young chap,” said the frowning Mackeller, drawing a deep breath, “if you ever get to understand finance, God help the city!” His lordship indulged in a laugh, then turned to Peter and said:

“I think you should resume your place at Southampton. You were seeing to the loading of a ship—what did you call it?”

“The Rajah—the steamer Rajah.”

“Well, even if I am not president or board of directors, I ask you to resume that occupation. You are still officially engineer for the company, I take it?”

“Yes.”

“Very good. Say not a word to anybody, but go down to Southampton, and proceed with getting the machinery and provisions into the steamer, just as if nothing had happened. If you meet any opposition, telegraph me, and I think I can overcome the obstruction.”

So Peter took himself off to Southampton, and met with no obstacle in resuming his duties.

The syndicate consumed the full week, and made an appointment with Mr. Mackeller and Lord Stranleigh on the last day before the shares would begin to go up. This time Mr. Hahn did not appear, but Conrad Schwartzbrod, unmistakably German and unmistakably Hebraic, came cringing in. He spent hours trying to get improved terms, and indeed Lord Stranleigh made him several important concessions. At last he delivered over everything that was demanded, and got from Lord Stranleigh a signed document giving Conrad Schwartzbrod full acquittance of everything he had done up to date. This document was witnessed by Mackeller, and, placing it safely in his pocketbook, the old financier cringed out of the office with an evil leer that would have done credit to the late Sir Henry Irving’s Shy-lock.

“I wouldn’t have conceded an inch to him,” said the stern Mackeller.

“Ah, well, what does it matter. If he’d treated a little longer I’d have given him easier terms yet, so I’m glad he’s gone.”

A telegraph messenger entered the room with a dispatch for Mr. Mackeller, who tore it open, read it, and swore. It was from his son.

“Do not settle with those scoundrels,” it ran. “Three days ago when I was seeing to the storing of cargo in the Rajah, I was battened down in the hold, and the steamer sailed. I was put ashore with the pilot, and have just been landed at Plymouth.”

“By God!” cried Mackeller, bringing his fist down on the desk. “That document you have signed and I have witnessed, gives him quittance for this theft of the steamer. Now they are going to loot the surface gold and recoup themselves. They have three days’ start of us, and it will take a week to get a steamer and fit her out.”

His lordship’s countenance was serene, and he blew slowly some rings of cigarette smoke up into the air.

“I can’t help admiring the courage of old Schwartzbrod,” he said. “Think how fine he cut it! And yet it might disturb him to know I’m a friend of the Honorable Mr. Parsons.”

“What has that to do with it?” growled Mackeller.

“Nothing, except that the speed of the Rajah is seven knots an hour, and my large yacht, The Woman in White, lying in Plymouth Harbor, is fitted with Parsons’s latest turbines and can, at a pinch, steam twenty-five knots an hour. Poor old Schwartzbrod! We’re going to have some fun with him after all.”