"They must have changed rather quickly," Thorn remarked, for his suspicion was excited and he thought he saw a light. Gerald had been embarrassed when he wrote to Osborn, and had not wanted the money to invest but to help him to escape the consequences of some extravagance.

"That has nothing to do with it," Gerald rejoined. "Will you let me have the money? You can, if you like."

"To begin with, you had better tell me why you want so large a sum."

Gerald hesitated and his eyelids twitched nervously, but he pulled himself together and Thorn wondered how far he would stick to the truth. He knew Gerald and did not trust him.

"Very well; I bought some shares. There was good ground for expecting they'd go up—"

"They went down? When did you buy?"

"Your meaning's plain," said Gerald sullenly. "If you insist, it was before I wrote home."

"I suspected something like that. However, you have the shares and they may go up again."

"I haven't got the shares. I bought on a margin, and the margin's gone."

"Then, you're rasher than I thought," Thorn rejoined with a searching look. "Well, you have lost your money and it's something of a surprise to hear you had so much. Anyhow, it was yours, and although the loss is serious, I don't understand how you're embarrassed."