"None whatever now, except the interest on the ten thousand; and that—well, I'm sorry to say it hasn't been paid very regularly. But in future it must be—it shall be. Between two and three thousand are owing to me for arrears."

"It's a queer story."

"I know it is," admitted Godfrey. "But I hope you don't doubt my word?"

"No, I don't—What's to be done about Applegarth?"

"I must see him," replied Sherwood with a groan. "Of course you have no part in the miserable business. I must write at once, and then go and face him."

"Of course I shall go with you."

"You will? That's kind of you. Luckily he's a civilised man, not one of the City brutes one might have had to deal with."

"We must hope he'll live up to his reputation," said Warburton, with the first smile, and that no cheery one, which had risen to his lips during this interview.

From that point the talk became easier. All the aspects of their position were considered, without stress of feeling, for Will had recovered his self-control; and Sherwood, soothed by the sense of having discharged an appalling task, tended once more to sanguine thoughts. To be sure, neither of them could see any immediate way out of the gulf in which they found themselves; all hope of resuming business was at an end; the only practical question was, how to earn a living; but both were young men, and neither had ever known privation; it was difficult for them to believe all at once that they were really face to face with that grim necessity which they had thought of as conquering others, but never them. Certain unpleasant steps, however, had at once to be taken. Sherwood must give up his house at Wimbledon; Warburton must look about for a cheap lodging into which to remove at Michaelmas. Worse still, and more urgent, was the duty of making known to Mrs. Warburton what had happened.

"I suppose I must go down at once," said Will gloomily.