"What's that?" demanded Mr. Slosson with a challenge in his ancient but powerful voice.

"Nowt!" said Edward Henry.

"Now, sir," said Mr. Slosson, "we'd better come to an understanding about this so-called option. It's not serious, you know."

"You'll find it is."

"It's not commercial."

"I fancy it is—for me!" said Edward Henry.

"The premium mentioned is absurdly inadequate, and the ground-rent is quite improperly low."

"That's just why I look on it as commercial—from my point of view," said Edward Henry.

"It isn't worth the paper it's written on," said Mr. Slosson.

"Why?"