"Yes," he said, in answer to his host's first remark; "I've gathered that we have failed to save the situation. But I don't know exactly what has happened. You had better tell me."

Mrs. Nairn made a sign of protest, but her husband glanced at her restrainingly.

"Ye will hear his news in good time," he informed her, and then turned to Carroll. "In a few words, the capital was no subscribed—it leaked out that the ore was running poor—and we held an emergency meeting. With Vane away, I could put no confidence into the shareholders—they were anxious to get from under—and Horsfield brought forward an amalgamation scheme: A combine would take the property over, on their valuation. I and a few others were outvoted; the scheme went through; and when the announcement steadied the stock, which had been tumbling down, I exercised the authority given me and sold your shares and Vane's at considerably less than their face value. Ye can have particulars later. What I have to ask now is—where is Vane?"

The man's voice grew sharp; the question was flung out like an accusation; but Carroll still looked at Evelyn. He felt very bitter against her; he would not soften the blow.

"I left him in the bush, with no more than a few days' provisions and a broken leg," he announced.

Then, in spite of Evelyn's efforts to retain her composure, her face blanched. Carroll's anger vanished, because the truth was clear. Vane had triumphed through disaster; his peril and ruin had swept his offenses away. The girl, who had condemned him in his prosperity, would not turn from him in misfortune. In the meanwhile the others sat silent, gazing at the bearer of evil news, until he spoke again.

"I want a tug to take me back, at once, if she can be got. I'll pick up a few men along the waterfront."

Nairn rose and went out of the room. The tinkle of a telephone bell reached those who remained, and a minute or two later he came back.

"I've sent Whitney round," he explained. "He'll come across if there's a boat to be had, and now ye look as if ye needed lunch."

"It's several weeks since I had one," Carroll smiled.