Crown land figure. We'll charge you bank
rate until the land's made marketable when you have run the water out.
In a general way, that's my idea of the thing."

Nasmyth laid down his cigar and looked at him. "Isn't it a little
exorbitant? You get the land at cost value, and a heavy charge on
that, while I do the work?"

Hutton laughed. "Well," he said, "it's money we're out for, and unless
you take it all up, your claim's no good. Anybody else could jump
right in and buy a few hundred acres. Then he could locate water
rights and stop you running down the river, unless you bought him
out."

"The difficulty is that the Crown authorities haven't been selling
land lately, and would sooner lease. They seem inclined to admit that
this is a somewhat exceptional case; in fact, they have granted me one
or two privileges."

"What you would call a first option?"

Nasmyth remembered Acton's manner when he had mentioned his
acquaintance with his companion, and one or two things he had said.

"No," he said, "not exactly that. I merely mentioned certain
privileges."

"Then, what's to stop me or anybody going right down to Victoria and
buying the whole thing up to-morrow?"

"I'm inclined to fancy you would discover one or two things that would
make it difficult," answered Nasmyth dryly. "For another thing, I
hardly think you would get any of the regular rock-cutting or
mine-sinking people to undertake the work about the fall at a figure
that wouldn't make the risk too big. It's not a place that lends
itself to modern methods or the use of machinery. Besides, after
approaching you to a certain extent in confidence, it wouldn't be
quite the thing."

Hutton waved the hand which bore the ring. "Well," he said, "we'll get
back to our original offer. If it isn't good enough, how much more do
you want?"

Nasmyth explained his views, and they discussed each proposition point
by point, gradually drawing nearer to an agreement. Nasmyth was quite
aware that in a matter of this kind the man who provides the capital
usually takes the lion's share, but, after all, the project was his,
and he naturally wanted something for himself. At length Hutton leaned
forward with both elbows on the table, and a certain intentness in his
lean face.

"Now," he said, "I've gone just about as far as I can. You have either
got to close with my proposition or let it go."

Nasmyth said nothing, and there was silence for almost a minute while
he lay ba