here they
chose. He saw his slate-club so powerful that no tradesman could afford
not to be in relations with it. He had induced all Llandudno to perform
the same act daily for nearly a whole season, and he now wished to
induce all the vast Five Towns to perform the same act to his profit for
all eternity.

And he would be a philanthropist into the bargain. He would encourage
thrift in the working-man and the working-man's wife. He would guard the
working-man's money for him; and to save trouble to the working-man he
would call at the working-man's door for the working-man's money.
Further, as a special inducement and to prove superior advantages to
ordinary slate-clubs, he would allow the working man to spend his full
nominal subscription to the club as soon as he had actually paid only
half of it. Thus, after paying ten shillings to Denry, the working-man
could spend a pound in Denry's chosen shops, and Denry would settle with
the shops at once, while collecting the balance weekly at the
working-man's door. But this privilege of anticipation was to be
forfeited or postponed if the working-man's earlier payments were
irregular.

And Denry would bestow all these wondrous benefits on the working-man
without any charge whatever. Every penny that members paid in, members
would draw out. The affair was enormously philanthropic.

Denry's modest remuneration was to come from the shopkeepers upon whom
his scheme would shower new custom. They were to allow him at least
twopence in the shilling discount on all transactions, which would be
more than 16 per cent. on his capital; and he would turn over his
capital three times a year. He calculated that out of 50 per cent. per
annum he would be able to cover working expenses and a little over.

Of course, he had to persuade the shopkeepers. He drove his mule to
Hanbridge and began with Bostocks, the largest but not the most
distinguished drapery house in the Five Towns. He succeeded in
convincing them on every point except that of his own financial
stability. Bostocks indicated their opinion that he looked far too much
like a boy to be financially stable. His reply was to offer to deposit
fifty pounds with them before starting business, and to renew the sum in
advance as quickly as the members of his club should exhaust it. Cheques
talk. He departed with Bostocks' name at the head of his list, and he
used them as a clinching argument with other shops. But the prejudice
against