"It can't do much good. The fellows can investigate until they're tired, but they can't find ore that does not exist."

"It would be some comfort if they found out anything that would put the rogues who deluded us into jail," Gerald answered savagely.

Davies smiled in a meaning way.

"Rather too drastic a proceeding." He gave the other a direct glance. "People who play a crooked game shouldn't appeal to the law."

The blood crept into Gerald's face and he wondered with dire misgivings what the man meant and how much he knew. He had counted on a report from the mining engineer that would send up the value of his shares, and had rested on this his last hope of escaping from a serious danger. Instead, he had learned that the mine was barren. It was a crushing blow, for he must find a large sum of money at once. The consequences would be disastrous if he failed.

"Well," he said, "the most important point is that my shares are worth next to nothing, and I've very little expectation of their ever going up. I don't suppose you'd take them as security for a loan at a quarter of their face value?"

"I would not," Davies answered firmly.

"Very well. My note falls due in a few days. What are you going to do?"

"Present it for payment."

Gerald looked at him keenly, to see if he meant it; but he could read in the broker's imperturbable face nothing to lead him to doubt this. He tried to pull himself together, and failed. Gerald had not inherited the stern, moral courage of the Mowbray stock.