"Well?"
I remembered that he had been away from England for several years.
"The firm failed," I told him, "for a quarter of a million. Mr. Heathcote shot himself. I am told that there is a probable dividend of sixpence-half-penny in the pound to come some day."
Colonel Ray smoked on in silence. This was evidently news to him.
"Awkward for you," he remarked at last.
I laughed a little bitterly. I knew quite well that he was expecting me to continue, and I did so.
"I sold my things at Magdalen, and paid my debts. I was promised two pupils if I would take a house somewhere on this coast. I took one and got ready for them with my last few pounds. Their father died suddenly—and they did not come. I got rid of the house, at a sacrifice, and came to this cottage."
"You took your degree?"
"With honours."
He blew out more smoke.