"If you are not hopeful, the outlook must be black," Mrs. Seaton remarked meaningly. "Perhaps I ought to sympathize, but the effort's too much. My investments have all gone wrong and my luck at the Grand National was remarkably bad. In fact, if nobody will buy my shares in your line, I may be forced to agree with the people who want to wind up the company."

Cartwright thought his luck was good. Ellen was extravagant and a gambler. No doubt, she needed money, but he knew she was willing to hurt him and could do so. All the same, if she could force him to buy the shares she thought worth nothing, her greed would conquer her spitefulness. Well, he was going to indulge her.

"If you did join my antagonists, I might pull through, but I'll admit it would be awkward," he replied. "In order to avoid the fight, I'll buy your shares for ten shillings."

Mrs. Seaton hesitated. She did not want to lose her power, but she wanted money. Nominally, the shares were worth a much larger sum, but she had found out that nobody else was willing to buy the block. For all that, Cartwright was cunning and she wondered whether he knew something she did not. She asked for a higher price, but Cartwright refused. He was cool and humorous, although he knew Arcturus was steadily nearing the harbor. Perhaps in a few minutes the look-out on the Isleta would read her flags. At length he pulled out his watch.

"I have an engagement, but I rather want the shares. My getting them would help me at the meeting," he said. "Shall we say twelve-and-sixpence? This is the limit."

"Very well," said Mrs. Seaton and smiled with a sense of triumph. "It looks very greedy, but when can I have a check? You see, I'm nearly bankrupt."

"Now," said Cartwright, and taking out his fountain pen, rang a bell. "Send a page for some notepaper and write an undertaking to deliver me the shares."

Mrs. Seaton did so and Cartwright wrote the check. Then she signed to one of the young men she had sent off. "Since you are very business-like, you had better have a witness! I'm relieved to get the check, particularly since I expected you would be forced to ask Clara for the money."

Cartwright had to smile. The sneer was Ellen's Parthian shot. She was retiring from the field, but he owned that she might have beaten him by a bold attack and he had been afraid.

He went to the bar and ordered a drink, and then going out saw fresh signals blow from the Isleta staff. Arcturus' hull was visible in the tugs' thick smoke; the look-out on the hill with his big telescope had read her flags and was signaling her name and number to the town. Cartwright had won by a few minutes and was satisfied, although he had given Mrs. Seaton twelve-and-sixpence for her shares, when perhaps he need not. This was now about their just value, and, for old time's sake, he had not meant to cheat her. In the meantime a launch was waiting to take him on board Arcturus and he hurried to the mole.