"Eight thousand pounds—more than that, indeed, unless the price goes up again before settling-day, for I've only paid for about half my shares."

Toby was silent a moment, wondering how Jack had ever had eight thousand pounds to invest of late years. The latter understood the silence, and acknowledged the justice of his difficulty.

"I made three thousand over Carmel East and West," he explained. "That with my year's salary as director, makes eight. I invested it all, and bought more."

Toby looked up.

"Did that fellow give you five thousand a year as director?" he asked.

"That fellow did."

Toby whistled.

"A committee of the Stock Exchange is going to investigate the whole affair, it appears," he said. "Won't that be rather unpleasant if they get into salaries?"

"Exceedingly. Mind you don't let Kit know, Toby, until one has more certain news."