Heaven forbid I should say that all men of his profession are cast in the same mould, but there can be no question that the new law throws a fearful amount of power into the hands of any one who likes to use it for his own advantage, and places at the same time any trustee who desires to deal leniently with a bankrupt in a position of unpleasant responsibility.

To put the matter plainly, if a trustee has a fancy for the cheese, he can eat it himself, rind and all; but if he thinks this creditor has been hardly done by, or that the debtor is a poor devil, really very much to be pitied, he had better take care how he gives expression to such sentiments.

It is far wiser to adopt Mr. Swanland's rôle, and please nobody, than run the risk of trying to please anybody but himself.

But at a meeting of creditors when his mission was to tell a flattering tale and get the ear of the assemblage, Mr. Swanland was a man of whom his partner felt justly proud.

What could be neater than the way in which he placed the state of affairs, so far as his information went, before the bulls of Bashan with whom he had to deal.

Like oil on the waters came the flow of Mr. Swanland's fluent tongue.

He uttered no disparagement of Mortomley. His position was unfortunate, doubtless, and so was the position of his creditors, but Mr. Swanland was pleased to inform the meeting that he expected the estate to return a very good dividend; a very good dividend indeed.

From what he could hear and from what he had seen, he was justified in saying a large profit could be realized by carrying on the works. There were a fine plant, an extensive connection, and a considerable amount of stock.

It was perhaps unfortunate that Mr. Mortomley had not sooner taken his creditors into his confidence; but, said Mr. Swanland with a touching humility that might have done credit to Mr. Asherill himself, "we are all liable to error."

"Mr. Mortomley acted for the best, no doubt." Here there was a murmur of dissent from the bulk of the audience, "but whether it has proved for the best or not in the past, at all events he has acted wisely in the present by relinquishing everything to his creditors."