"Do you think that is what he means to do?"

Contini looked at Orsino in surprise.

"Of course. What did you expect? You do not suppose that he means to make us a present of that paper, or to hold it indefinitely until we can make a good sale."

"And he will ultimately get possession of all the paper himself."

"Naturally. As the old bills fall due we shall renew them with him, practically, and not with the bank. He knows what he is about. He probably has some scheme for selling the whole block to the government, or to some institution, and is sure of his profit beforehand. Our failure will give him a profit of twenty-five or thirty per cent."

Orsino was strangely reassured by his partner's gloomy view. To him every word proved that he was free from any personal obligation to Del Ferice and might accept the latter's assistance without the least compunction. He did not like to remember that a man of Ugo's subtle intelligence might have something more important in view than a profit of a few hundred thousand francs, if indeed the sum should amount to that. Orsino's brow cleared and his expression changed.

"You seem to like the idea," observed Contini rather irritably.

"I would rather be ruined by Del Ferice than helped by him."

"Ruin means so little to you, Don Orsino. It means the inheritance of an enormous fortune, a princess for a wife and the choice of two or three palaces to live in."

"That is one way of putting it," answered Orsino, almost laughing. "As for yourself, my friend, I do not see that your prospects are so very bad. Do you suppose that I shall abandon you after having led you into this scrape, and after having learned to like you and understand your talent? You are very much mistaken. We have tried this together and failed, but as you rightly say I shall not be in the least ruined by the failure. Do you know what will happen? My father will tell me that since I have gained some experience I should go and manage one of the estates and improve the buildings. Then you and I will go together."