later. In the meantime, this is a draft of our constitution. I must
state that we could have kept all the profit if we had borrowed the
money we need, but we should have had to pay high interest. On the
whole, it seemed better to float a small company; just large enough, in
fact, to get the protection the law allows a registered joint-stock
body. We find we can get the money easier in this way, and it divides
the risk. You will see that a large block of shares is reserved for
yourself and your brother; I take some in payment for the men and
supplies I am sending Thirlwell; and a number will be allotted at about
ninety, to the people who find the cash."

Agatha studied the document and gave it to George. "What does issuing
the stock at ninety mean?"

"Ninety cents for the dollar's worth of stock," George explained.
"That's a ten per cent. margin when it touches face value and it will
soon go higher."

"I see," said Agatha. "But the mine is ours, and by parting with these
shares we lose control."

"Not altogether," Scott replied. "Every share carries a vote. You and
your brother hold a large block, and the friends I've persuaded to join
us will vote with me. Of course, if anybody bought up the most part of
the other shares, he could give us trouble, but that's not likely. When
it's obvious that we're making a good profit none of the holders will be
willing to sell. In the meantime, some of the people are sending up a
mining expert, and if they're satisfied with his opinion they'll give us
the money."

"I suppose it's a good arrangement," said Agatha. "But before I agree
you must send the draft to Thirlwell."

"It might mean some delay. However, I expect he'll come down from the
mine to meet the expert, and if you insist--"

"I do insist," said Agatha. "I can do nothing until I know what my
manager thinks."

Scott promised to mail the document, and Agatha remarked: "When the
people have taken up the shares there will be some left."

"That is so," said George. "It may be convenient later; I dare say we
will want more money when we begin the smelting, but we'll probably be
able to issue the stock at a dollar then. In fact, I reckon we'll
presently have to ask for power to extend our capital."

"You must only sell this reserve block to people you can trust," said
Agatha, who began to ask questions about the mine.

Scott was surprised to find how much she knew, but he told her all he
could and it was late in the