"He has decided," Harding said quietly. "Here's a telegram from him, answering a letter of mine which he probably got after you left. He agrees to transfer the mortgaged property to his father and another, on terms that don't concern you. Read it."

"Ah!" cried Davies, hoarse with anger. "Mowbray has gone back on me. I was a fool to trust him!"

Colonel Mowbray flushed, but did not answer, and Harding turned to Davies.

"This has nothing to do with our business. Write your receipts, including Gerald Mowbray's debt, and take your money."

Davies did so, and carefully examined the check Harding gave him. Then he got up and made Mowbray an ironical bow. One of the men opened the door, and he went out surlily.

There was a general movement and a murmur throughout the room, expressing relief and a slackening of tension.

"It's a satisfaction to see the last of the fellow," one man said, voicing the feelings of all. "The settlement has escaped a danger; but we must be careful not to let it fall into another. May I inquire about the agreement which Mr. Harding has made with our friends?"

Harding explained that they were to farm their land under his instructions, paying a moderate rate of interest. A fixed sum was to be set aside every year to redeem the loan, so that in time the debtors would again acquire possession, and any surplus would belong to them.

"Mr. Harding's position is now very strong," the man contended. "He can, if he wishes, dictate to the rest of us, and I think we ought to know his plans and how he expects to profit."

There was deep silence when Harding got upon his feet and glanced round the room. A few of the men were obviously suspicious, and one or two hostile, but some looked willing to give him fair play and some quietly confident in him.