lame. I believed in it, as others did."

"No doubt," Pateley said. "But I am afraid that will hardly be a
satisfactory explanation for the shareholders. The shares at this moment
are absolutely worthless."

"But what can I do?" said Sir William. "What would you have me do?"

"It seems to me there is a rather obvious thing to be done," said
Pateley. "It is to help to make good the losses of the people who,
through you, will be"--and he paused--"ruined."

"Ruined!" Sir William repeated, "No, no--it cannot be as bad as that. It
is terrible," he muttered to himself. "It is terrible."

"Yes, it is terrible," said Pateley, "and even something uglier."

"But," Sir William said miserably, "I don't know that I can be blamed
for it. Anderson, who is absolutely honest, reported on the thing, and
believed in it to the extent of spending all he had in getting the
rights to work it."

"That is possible," Pateley said, "but Anderson was not the chairman of
the company. You are."

"Worse luck," Sir William said bitterly.

"Yes, worse luck," Pateley said. "Your name up to now has been an
honourable one." Sir William started and looked at him again. "I am
afraid," Pateley went on, "after this it may have," and he spoke as if
weighing his words, "a different reputation."

Sir William cleared his throat and spoke with an effort.

"Pateley," he said, "you won't let _that_ happen? You will make it
clear...? You have influence in the Press----"

"I am afraid," Pateley said, "that my influence, such as it is, must on
this occasion be exerted the other way. Of course there is a good deal
at stake for me here," he went on, in a matter of fact tone which
carried more conviction than an outburst of emotion would have done. "I
care for my sisters, and I am afraid I can't sit down and see
them--swindled, or something very like it."

"Not, swindled!" said Gore angrily.

"Well," Pateley said, "that is really what it looks like to the
outsider, and that is what, as a matter of fact, it comes to."

"Heaven knows I would make it right if I could," said Sir William, "but
how can I?"

"Well, of course, on occasions of this kind," Pateley said, still in the
same everyday manner, as though judicially dealing with a fact which did
not specially concern him, "it is sometimes done by the simple process
of the person responsible for the losses making them good--making
restitution, in fact."

"I have told you," said Sir William, "that I'm afr