"Precisely. And since everybody does it, and there is so much money going, you are only making your share."

"Of course." Mr. Mallows was almost pompous by now.

"Of course." Dorrington coughed slightly. "Well now, do you know, I am exactly the same sort of man as yourself—if you don't mind the comparison. I am disposed for a little side flutter, so to speak—a little speculation outside my regular business. I also am not ashamed of it. And since everybody does it, and there is so much money going—why, I am thinking of making my share. So we are evidently a pair, and naturally intended for each other!"

Mr. Paul Mallows here looked a little doubtful.

"See here, now," Dorrington proceeded. "I have lately taken it into my head to operate a little on the cycle share market. That was why I came round myself about that little spoke affair, instead of sending an assistant. I wanted to know somebody who understood the cycle trade, from whom I might get tips. You see I'm perfectly frank with you. Well, I have succeeded uncommonly well. And I want you to understand that I have gone every step of the way by fair work. I took nothing for granted, and I played the game fairly. When you asked me (as you had anxious reason to ask) if I had found anything, I told you there was nothing very big—and see what a little thing the thread was! Before I came away from the pavilion I made sure that you were really the only man there with black court plaster on his fingers. I had noticed the hands of every man but two, and I made an excuse of borrowing something to see those. I saw your thin pretence of suspecting the betting men, and I played up to it. I have had a telegraphic report on your Exeter works this morning—a deserted cloth mills with nothing on it of yours but a signboard, and only a deposit of rent paid. There they referred to the works here. Here they referred to the works there. It was very clever, really! Also I have had a telegraphic report of your make-up adventure this morning. Clarkson does it marvellously, doesn't he? And, by the way, that telegram bringing you down to Birmingham was not from your confederate here, as perhaps you fancied. It was from me. Thanks for coming so promptly. I managed to get a quiet look round here just before you arrived, and on the whole the conclusion I come to as to the 'Avalanche Bicycle and Tyre Company, Limited,' is this: A clever man, whom it gives me great pleasure to know," with a bow to Mallows, "conceives the notion of offering the public the very rottenest cycle company ever planned, and all without appearing in it himself. He finds what little capital is required; his two or three confederates help to make up a board of directors, with one or two titled guinea-pigs, who know nothing of the company and care nothing, and the rest's easy. A professional racing man is employed to win races and make records, on machines which have been specially made by another firm (perhaps it was the 'Indestructible,' who knows?) to a private order, and afterwards decorated with the name and style of the bogus company on a transfer. For ordinary sale, bicycles of the 'trade' description are bought—so much a hundred from the factors, and put your own name on 'em. They come cheap, and they sell at a good price—the profit pays all expenses and perhaps a bit over; and by the time they all break down the company will be successfully floated, the money—the capital—will be divided, the moving spirit and his confederates will have disappeared, and the guinea-pigs will be left to stand the racket—if there is a racket. And the moving spirit will remain unsuspected, a man of account in the trade all the time! Admirable! All the work to be done at the 'works' is the sticking on of labels and a bit of enamelling. Excellent, all round! Isn't that about the size of your operations?"

"Well, yes," Mallows answered, a little reluctantly, but with something of modest pride in his manner, "that was the notion, since you speak so plainly."

"And it shall be the notion. All—everything—shall be as you have planned it, with one exception, which is this. The moving spirit shall divide his plunder with me."

"You? But—but—why, I gave you a hundred just now!"

"Dear, dear! Why will you harp so much on that vulgar little hundred? That's settled and done with. That's our little personal bargain in the matter of the lamentable accident with the chair. We are now talking of bigger business—not hundreds, but thousands, and not one of them, but a lot. Come now, a mind like yours should be wide enough to admit of a broad and large view of things. If I refrain from exposing this charming scheme of yours I shall be promoting a piece of scandalous robbery. Very well then, I want my promotion money, in the regular way. Can I shut my eyes and allow a piece of iniquity like this to go on unchecked, without getting anything by way of damages for myself? Perish the thought! When all expenses are paid, and the confederates are sent off with as little as they will take, you and I will divide fairly, Mr. Mallows, respectable brothers in rascality. Mind, I might say we'd divide to begin with, and leave you to pay expenses, but I am always fair to a partner in anything of this sort. I shall just want a little guarantee, you know—it's safest in such matters as these; say a bill at six months for ten thousand pounds—which is very low. When a satisfactory division is made you shall have the bill back. Come—I have a bill-stamp ready, being so much convinced of your reasonableness as to buy it this morning, though it cost five pounds."

"But that's nonsense—you're trying to impose. I'll give you anything reasonable—half is out of the question. What, after all the trouble and worry and risk that I've had——"