an in his mind. But its object was by no
means what he had led her to believe. It was a scheme of an audacity in
keeping with his previous impersonations of the "dead" Clifford
Matheson, and its single objective was the attainment of his personal
ambitions. Even his own son was to be used to help in the gaining of
that one end.

The new scheme, in its essential, held the simplicity of genius. He
would, single-handed, float the Hudson Bay company with Matheson's name
at the head of the prospectus, whether Matheson assented or not.

The first move was to evade the spirit of his own written compact:
"Until May 3rd, I fix up nothing with the underwriters." To get round
this obstacle, he decided on the audacious plan of underwriting the
entire issue _himself_. That is to say, he would give an absolute
guarantee that if any portion of the five million pounds were not
subscribed for by the general public, he himself would pay cash for and
take up those shares. It was a huge risk. In the ordinary course of
business no single finance house in London, the world's financial
centre, would take on its shoulders the guaranteeing of a five million
pound issue. Lars Larssen proposed to do it. In order to provide the
requisite security, he would have to mortgage his ships and his private
investments. He would be dicing with nine-tenths of his entire fortune.

The second move was to prevent interference, while the issue was being
offered to the public, from those who knew anything of the inner history
of the flotation--Matheson, Olive, Elaine, and Dean. Arthur Dean could
easily be kept out of the way. Elaine would no doubt be still confined
to the surgical home at Wiesbaden. Matheson and his wife were problems
of much more difficulty. In whatever part of Europe Matheson might be,
he would be certain to hear of the flotation. The point was to delay his
knowledge of it for two or three days. After that, interference on his
part could not undo what had been done. "One cannot unscramble an egg."

For the success of the first move, it was essential to have the willing
co-operation of Sir Francis. Consequently Larssen was particularly
cordial and gracious to him that evening at the Leadenhall Street
offices, passing him compliments about his business abilities, which
found their mark unerringly.

Presently the shipowner got down to the crux of the matter, taking out
the draft prospectus from the drawer in his desk and smoothing it out to