“It’s the best use we can put them to now, madam,” said Ready.
“I am afraid so,” replied Mr Seagrave, thoughtfully.
“Ready,” said William, after the candles were lighted, “you once half-promised me that you would tell me your history; I wish you would tell us some of it now, as it will pass away the evening.”
“Well, William, I did say so, and I shall keep my word. When you have heard my story, you will say that I have been very foolish in my time; and so I have; but if it proves a warning to you, it will, at all events, be of some use.”
Ready then commenced his history as follows:
History of Old Ready.
“Of course, you wish to know who my father and mother were: that is soon told. My father was the captain of a merchant vessel, which traded from South Shields to Hamburg, and my poor mother, God bless her, was the daughter of a half-pay militia captain, who died about two months after their marriage. The property which the old gentleman had bequeathed to my mother was added to that which my father had already vested in the brig, and he then owned one-third of the vessel; the other two-thirds were the property of a very rich ship-builder and owner, of the name of Masterman. What with the profits of the share he held of the vessel and his pay as captain, my father was well to do. Mr Masterman, who had a very high opinion of my father, and gained much money by his exertions and good management, was present at the marriage, and when I was born, about a year afterwards, he stood for me as godfather. Every one considered that this was a most advantageous circumstance for me, and congratulated my father and mother; for Mr Masterman was a bachelor, of nearly sixty years, without any near relations. It is true, that he was very fond of money; but that, they said, was all the better, as he could not take it away with him when he died. An end, however, was soon put to all their worldly ideas, for a year after I was born, my father was drowned at sea, his vessel and the whole of her crew being lost on the Texel sands; and my mother found herself a widow, with a child scarcely weaned, when she was but twenty-two years of age.
“It was supposed that my mother would still have sufficient to live upon, as the ship had been insured at two-thirds of her value; but, to the astonishment of everybody, Mr Masterman contrived to make it appear that it was his two-thirds of the vessel which had been insured.”
“What is insurance?” inquired William.
“Insurance, my dear boy, is paying a certain sum to people who are called underwriters, that in case the vessel or cargo is lost or damaged, the loss or damage is made good to the owners of the vessel or cargo. You pay in proportion to the risk incurred. Supposing you wished to insure one thousand pounds on a vessel or cargo, and ten per cent was required, you would, if the vessel came home safe, pay the underwriters one hundred pounds; if, on the contrary, the vessel was lost, the underwriters would have to pay you one thousand pounds, the sum which you had insured. I beg your pardon for the interruption, Ready.”