Dauncey nodded.

“It’s about Montague and Littleham. I have discovered the fly in the ointment. I thought those two would never be content with a reasonable land speculation.”

“Proceed,” Jacob said encouragingly.

“Most of the idiots who bought these plots of land,” Dauncey continued, “were content to know that the Cropstone Wood, Water and Electric Light Company was in existence and had commenced the work of connecting them up. Not one of them had the sense to find out what they were going to pay for their water and lighting.”

“Ah!”

“I’ve just discovered,” Dauncey continued, “that Dane Montague and Littleham have an option on the Water and Electric Light Company. I don’t suppose they said a word to you about that. You found the money to buy the land, all right, but they’re going to make the bulk of the profit out of the water and lighting. That young lawyer at Cropstone gave us a word of warning, you remember, the day we were over there.”

“So he did,” Jacob murmured reflectively. “I was a mug.”

“Not only that,” Dauncey reminded him, “but some of the people who’ve bought the land are your friends, aren’t they? What about Miss Bultiwell?”

Jacob knitted his brows.