Larssen knew this latter was an overwhelming reason to the baronet's mind.

"Very well; pass that suggestion," said he. "Here's a far better one. Suppose we could get the underwriting done at 3 per cent. straight. That would save the company £75,000."

"What house would take it on at that?"

"I would."

"You!" exclaimed the amazed Sir Francis.

"Why not?" quietly replied the shipowner.

"But——!" The baronet paused in perplexity.

"Well, what's the particular 'but'?"

"We—the company—would have to ask you for the fullest security."

"Of course."