“Give them away at once if they are not fully paid up.”

“Only a pound a share on call,” said Mr Caley. “What would you do?”

“Sell them at once for anything they would fetch; but there would be no buyers.”

“Thank you,” said Mr Caley. “You hear, Major Gurdon? I quite endorse my partner’s views.”

“But they may recover,” said the Major piteously. Mr Caley shrugged his shoulders. “Things could not look worse, sir; but as you cannot lose much more, and the call that will follow will not be heavy, you might speculate a little and hold on.”

“But I cannot afford to pay the call, gentlemen,” cried the Major. “It is ruin to me.”

“Then sell, sir,” said Mr Bland, “and get what you can out of the fire.”

“Sell? When?”

“At once, sir.”

“I—I think I will see the gentleman first through whom I bought them.”