“He has some influence. He’d find supporters.”

Nairn saw that the meaning of his last remark which implied that he had no more confidence in Jessie than he had in her brother, had not been grasped by his companion, but he did not consider it judicious to make it plainer. Instead, he gave Vane another piece of information: “Horsfield and Winter work into each other’s hands.”

“But Winter has no interest in the Clermont.”

Nairn smiled sourly. “He holds no shares in the mine, but there’s no much in the shape of mineral developments yon man has no an interest in. Since ye do not seem inclined to yield Horsfield a point or two, it might pay ye to watch the pair of them.”

Vane, who was aware that Winter was a person of some importance in financial circles, remained silent for a couple of minutes. “Now,” he said, at length, “every dollar we have in the Clermont is usefully employed and earning a satisfactory profit. Of course, if we put the concern on the market, we might get more than it is worth from investors; but that doesn’t greatly appeal to me.”

“It’s unnecessary to point out that a director’s interest is no invariably the same as that of his shareholders,” Nairn rejoined.

“It’s an unfortunate fact. But I’d be no better off if I only got the same actual return on a larger amount of what would be watered stock.”

“There’s sense in that. I’m no urging the scheme—there are other points against it,” answered Nairn.

“Well,” said Vane, “I’ll go up and look round the mine and then we’ll have another talk about the matter.”

They changed the subject, but Vane walked back to his hotel in a thoughtful frame of mind, and finding Carroll in the smoking-room related his conversation with Nairn.