"I—ah—have and I—ah—have not," said the cautious adventurer. "Forty thousand is a lot of money—a fortune, one might say—yes, a fortune."

"Have you raised it?"

Mr. White sniffed his objection to this direct examination.

"My broker has very kindly realized the debentures—I am—ah—somewhat indebted to him, and it was necessary to secure his permission and—yes, I have the money at my bank."

He gazed benignly at the other, as one who conferred a favour by the mere bestowal of his confidences.

"First, doctor—forgive me if I am a little cautious; first I say, it is necessary that I should know a little more about your remarkable scheme, for remarkable I am sure it is."

The doctor poured out a whisky and soda and passed the glass to his visitor, who smilingly waved it aside.

"Wine is a mocker," he said, "nothing stronger than cider has ever passed my lips—pray do not be offended."

"And yet I seem to remember that you held shares in the Northern Saloon Trust," said the doctor, with a little curl of his bearded lips.

"That," said Mr. White hastily, "was a purely commercial—ah—affair. In business one must exploit even the—ah—sins and weaknesses of our fellows."