"I guessed. I couldn't speak plainly without proof."

"Oh," said Andrew in a strained voice, "you knew; so did Watson, and no doubt every man who works for us. I and the unfortunate people who found the money were the only ones deceived." He turned to the manager sharply. "What did you mean when you said the mine would never pay its shareholders? Do you imply that somebody else may make a profit out of it?"

"You've hit it. Mappin's making his pile, and I guess there's a man with money backing him; but that's no concern of mine. I'm sorry for you, Mr. Allinson, but I suppose I must hand you my notice and tell the boys to quit?"

"No," said Andrew; "not yet. Let them go on as usual, until I speak to you again."

"I'm not anxious to leave your service—you're square," Watson replied with an air of relief. "Now, if you don't want me any more, I'll go to bed."

He left them and Andrew quietly filled his pipe, while Carnally watched him with interest. Andrew had had a shock, but he had borne it well. Instead of unnerving, it had braced him to grapple with a difficult situation. He had courage and determination; but there was something else he must be told.

"Jake," Andrew said at length, "this has been a blow. I put a good deal of money into the Company and will lose it, but that's only half the trouble—the rest will hardly bear thinking of. My firm put its stamp on this venture, backed it with its name; and it was rotten from the first!" His face suddenly darkened with suspicion. "How Leonard came to take it up I can't imagine."

"If he's the man who fixed things in Montreal, I guess he'd tell you it was a fair business risk; but you don't quite understand the matter yet. It's clear that Mappin has the support of Mr. Hathersage; he finds him the money, gives him the job at prices higher than you need pay, and no doubt takes a share of the profit."

Andrew started.

"It's hard to admit, but I believe you're right!" Then his mind leaped to a wider conclusion. "I dare say the Company was started solely for Hathersage's benefit!"