“If it does n't, it ought to,” said Cutbill, with a laugh, for the wine had made him jolly, and familiar besides.

“There are many things in this world which ought to be, but which, unhappily, are not,” said Bramleigh, in a tone evidently meant to be half-reproachful. “And as I have already observed to you, mere geological formation is not sufficient. We want the mineral, sir; we want the fact.”

“There you have it; there it is for you,” said Cutbill, pointing to a somewhat bulky parcel in brown paper in the centre of the table.

“This is not real coal, Mr. Cutbill,” said Bramleigh, as he tore open the covering, and exposed a black misshapen lump. “You would not call this real coal?”

“I 'd not call it Swansea nor Cardiff, Colonel, any more than I 'd say the claret we had after dinner to-day was 'Mouton;' but still I'd call each of them very good in their way.”

“I return you my thanks, sir, in the name of my wine-merchant. But to come to the coal question—what could you do with this?”

“What could I do with it? Scores of things—if I had only enough of it. Burn it in grates—cook with it—smelt metals with it—burn lime with it—drive engines, not locomotives, but stationaries, with it. I tell you what, Colonel Bramleigh,” said he, with the air of a man who was asserting what he would not suffer to be gainsaid. “It's coal quite enough to start a company on; coal within the meaning of the act, as the lawyers would say.”

“You appear to have rather loose notions of joint-stock enterprises, Mr. Cutbill,” said Bramleigh, haughtily.

“I must say, Colonel, they do not invariably inspire me with sentiments of absolute veneration.”

“I hope, however, you feel, sir, that in any enterprise—in any undertaking—where my name is to stand forth, either as promoter or abetter, that the world is to see in such guarantee the assurance of solvency and stability.”