'I could be as sanguine as you are, and as bold,' said Alaric, 'were I venturing with my own money.'

'In the name of goodness get that bugbear out of your head,' said Undy. 'Whatever good it might have done you to think of that some time ago, it can do you no good now.' There was a bitter truth in this which made Alaric's heart sink low within his breast. 'Wherever the money came from, whose property it may have been or be, it has been used; and now your only safety is in making the best use of it. A little daring, a little audacity—it is that which ruins men. When you sit down to play brag, you must brag it out, or lose your money.'

'But, my dear fellow, there is no question here of losing money. If we sell now we shall realize about £2,000.'

'And will that, or the half of that, satisfy you? Is that your idea of a good thing? Will that be sufficient to pay for the dozen of bad things which a fellow is always putting his foot into? It won't satisfy me. I can tell you that, at any rate.'

Alaric felt very desirous of keeping Undy in a good humour. He wished, if possible, to persuade him rather than to drive him; to coax him into repaying this money, and not absolutely to demand the repayment. 'Come,' said he, 'what do you call a good thing yourself?'

'I call cent per cent a good thing, and I'll not sell a share till they come up to that.'

'They'll never do that, Undy.'

'That's your opinion. I think differently. And I'm sure you will own I have had more experience of the share-market than you have. When I see such men as Blocks and Piles buying fast, I know very well which way the wind blows. A man may be fishing a long time, Tudor, in these waters, before he gets such a haul as this; but he must be a great fool to let go his net when he does get it.'

They both then remained silent for a time, for each was doubtful how best to put forward the view which he himself wished to urge. Their projects were diametrically different, and yet neither could carry his own without the assistance of the other.

'I tell you what I propose,' said Undy.