"Yes," answered Barras, "and, of course, your allowance of two hundred can continue, still arising from the letting of the Hall."

"Well, then," went on Ferdy, rapidly, "the will--so far as I can see and so far as you tell me--does not say anything about the accumulations on the four thousand during the last twenty years."

"On two thousand, if you please, Mr. Baird," said Barras, leisurely. "Do not forget that the late Mr. Horran received five hundred for his services--that is annually--and that the rest of two thousand was required for the various items I have mentioned."

"I remember," said Ferdy, hastily. "Well, then, the accumulation on two thousand a year for twenty years must be in the bank, or invested, and free from Clarice's control."

"No. By the will, Miss Baird would deal with the accumulations, as well as with the income. For the next two years she receives the four thousand a year, and what she does not spend--having full power under both wills--she can let out at interest."

"Oh!" said Clarice, quickly. "Then two thousand of our united income was let out at interest by Mr. Horran?"

"That I can't tell you, Miss Baird."

"But it must have been," insisted Clarice, "for Mr. Clarke--"

"My late client certainly allowed him a loan of one thousand pounds some years ago, at ten per cent.," said Barras, politely, "but that is all the loan I know of."

"But the rest of the money?"