"Very well," he said, undoing a bundle of documents. "I hold mortgages on land and property belonging to Gerald Mowbray, Carlyon, Webster, and Shepstone." He read out particulars of the sums lent and interest due, and then put the papers on the table. "You are at liberty to examine them."

Carlyon turned to Mowbray, with a flushed face.

"They can't be contested, sir. Speaking for the others, as well as myself, I must say that we feel our position, and are very sorry that we have brought this trouble upon you and our friends."

Harding moved forward and picked up the mortgages, and Davies showed his surprise. After examining the documents carefully, Harding passed them to Broadwood, who looked over them in a silence that was accentuated by the rattle of a loose blind as puffs of wind swept into the room.

"All right," Broadwood said, and handed a sheet of paper to each of the debtors.

"Will you agree to these terms? Yes or no?" he asked.

One of the young men laughed hoarsely, as if from unexpected relief; another made a glad sign of assent; and Carlyon's eyes were bright as he turned to Broadwood.

"Agree?" he exclaimed. "We never hoped for such a chance as this!"

Broadwood put one of the papers in front of Mowbray.

"They consent, sir. We'd like your sanction."