When Gwen's letter was received, and Clare heard the contents, she said listlessly,—

'Walter can have my money if he likes; it will make no difference to me. You can write to Mr. Watkins, and get him to see to it, Agatha.'

'And mine, too,' put in Elfie brightly. 'Gwen has a good head for business, and if she is going to venture hers, I am sure we can ours.'

But cautious Agatha shook her head, and spread the papers out before her with a grave and anxious face. Then she disappeared for a short time. She knelt at her bedside and asked for guidance about such an important step. And when she rose from her knees she thought sadly that Gwen had planned and purposed without prayer, and wondered if she were too intent upon her own schemes to be wise in her judgment and decisions.

'I am going up to town to talk it over with Mr. Watkins,' she announced, a short time afterwards. 'I do not wish to be ill-natured, and selfish, and prevent Walter from getting on, but I have a horror of these gold-mining companies; and if it should come to a crash, we should literally have nothing left. Of course, you must do as you please, only don't act hastily. Let me hear what Mr. Watkins says.'

So to town she went, and came back very tired, but quite decided in her own mind. Mr. Watkins had not scoffed at the company. He had heard a good deal about it, and had clients who were taking shares in it. He thought it might prove a very good speculation, and there were sound business men backing it up. 'But,' said Agatha, 'he said most emphatically that it was a speculation, and that no one could be positively certain of its success; and, after a great deal of consideration, I have made up my mind to have nothing to do with it.'

'Did Mr. Watkins advise your not having anything to do with it?' asked Elfie.

'No; he was quite neutral. He would not commit himself either way.'

The result was that Clare and Elfie transferred their capital to Mr. Montmorency's company, trusting entirely to the assurances of the prospectuses that their dividends would be paid within the first twelvemonth.

And Agatha had the unpleasant task of writing her refusal to Walter, who had written by the same mail as Gwen, painting his future in glowing colours, and loud in praise of Mr. Montmorency.