"Ruined!" Sir William repeated, "No, no—it cannot be as bad as that. It is terrible," he muttered to himself. "It is terrible."

"Yes, it is terrible," said Pateley, "and even something uglier."

"But," Sir William said miserably, "I don't know that I can be blamed for it. Anderson, who is absolutely honest, reported on the thing, and believed in it to the extent of spending all he had in getting the rights to work it."

"That is possible," Pateley said, "but Anderson was not the chairman of the company. You are."

"Worse luck," Sir William said bitterly.

"Yes, worse luck," Pateley said. "Your name up to now has been an honourable one." Sir William started and looked at him again. "I am afraid," Pateley went on, "after this it may have," and he spoke as if weighing his words, "a different reputation."

Sir William cleared his throat and spoke with an effort.

"Pateley," he said, "you won't let that happen? You will make it clear...? You have influence in the Press——"

"I am afraid," Pateley said, "that my influence, such as it is, must on this occasion be exerted the other way. Of course there is a good deal at stake for me here," he went on, in a matter of fact tone which carried more conviction than an outburst of emotion would have done. "I care for my sisters, and I am afraid I can't sit down and see them—swindled, or something very like it."

"Not, swindled!" said Gore angrily.