When Mr. Tudor Williams came to see Terry for the third time, Terry pressed him to accept a seat on the Board. But Mr. Tudor Williams put up a deprecating hand.

"Aw-w-w, no!" he said. "Indeed it is very good of you, and I am very pleased you show so much confidence in me, but it would not do. There is my public position to consider. Indeed I would rather have a nominee. It is hard to make people understand a proper motive. If the time was ripe for it I would nationalise all land, yes indeed I would, but if it must be privately owned for a lit-tle while longer it is better that it should be in the trust of men like you and me for the public good. There is as many different kinds of landowning as there is of landowners. That pet-ti-fog-ging country squire, Wynne, he is repre-sen-ta-tive of all that is worst in a vic-ious sys-tem; he has no more vis-ion than that chair you sit on now; but we are not like that. I have not often found a sym-pathy like yours; indeed there has been tears in my eyes while you have talked.... But I will have a nominee. It will be better. And I will see you get your labour. There is John Jones, Contractor, Porth Neigr. He may even be willing to pay a lit-tle commission. We shall not quarrel about that.—But I am bet-ter off the Board."

Very curiously, he was not the only one who seemed a little shy about being put on the Board. Others displayed an equal bashfulness. This puzzled Terry. But it never puzzled him for long at a time. Always a fresh inspiration sent him off into his cloudland again. It was about that time that he acquired his second slice of Llanyglo, a tract adjoining the first and running down to that shore that Copley Fielding depicted with such accomplishment, elegance, and taste. And he took with that second piece of land a responsibility greater than that he had assumed when he had merely cajoled money out of the pockets of men who had known his tea-clipping father and whose fathers had known his privateering great-grandfather. Briefly, by enlarging his enterprise, Terry threw away the immediate advantage of his personal idealism and charm. The thing went to allotment shorn of his peculiar magnetism. He received money that would not, merely on the score that they liked him, be indulgently written off by those who would see that money no more.

His Prospectus is extant. Edward Garden's unfinished house came into it, and an affiliated interest, "Porth Neigr Omnibuses, Ltd.," about which Mr. Tudor Williams knew something. There were great swathes about the natural beauties of the situation, and lesser ones (the Syndicate pruned them down behind Terry's back) about the Thelema Idea. And there were a number of other things that are impossible, yet facts in the amazing History of Flotation. It is no good saying these things cannot happen when they happen daily. Had you or I bought shares in the "Thelema Estate Development Company, Limited," we should merely have bought, you and I, shares in that moonshine that poor, gentle, rapturous, cat's-paw Terry Armfield drew with freehand and French curves on his bits of paper and presently spread out in such a lunatic fashion over the sandhills of Llanyglo. Come, before we leave this dim chapter of the twilight of Llanyglo's forebeing, and see what Terry did.

Starting at right angles from the Porth Neigr road, a couple of hundred yards short of John Pritchard's farm, there runs straight down to the shore a street of rather more than a quarter of a mile in length. Crossing this street in the middle runs another street, not so long, but unfinished. These two streets intersect in an open space or circus perhaps a hundred yards in diameter. The first street is called Delyn Avenue, because of the mountain that commands it. The second one is called Trwyn Way. The central circus is called by the names of the four Crescents it comprises. Farther back from the intersecting points are other streets. They also are named.

But do not suppose that these streets and Crescents and Avenues and Ways are streets in any ordinary sense. They are twenty-two and thirty-five foot roads, metalled, crowned, drained, and with a good stone kerb running parallel on either side. But there are no houses. There is not even a pavement, no, not a vestige of one, flagged, macadamed, cobbled, nor of any other description. There are no standards for gas or electric light; there are no standards even for the names of the thoroughfares—for you can hardly call those things standards—those low wooden boards, rather like the "Please Keep off the Grass" notices in a public park, that inform you that this is Delyn Avenue or that that is Trwyn Way. Exactly as it was all drawn on Terry Armfield's tracing-paper and envelopes and memo-heads, so it is now drawn on the Llanyglo sandhills, with strips of stone kerbing for pencil lines and the wind-blown sand where his india-rubber has passed. Lie down on the sandhills with your eyes at the level of the kerbs, and, save for those eighteen-inch-high street name-boards, all disappears. Or if you care to climb the Trwyn you can see it all rather well from there....

There you are. Just a little patch of strapwork in the middle of the waste. Or like a rather large gridiron somebody has thrown away. And, if you are capable of seeing what Terry saw, namely all the things that are not there and that never will be there, then that little grid of laid-down and abandoned streets has a curiously mocking effect. You imagine the ghosts of Terry's Thelemites moving noiselessly there, passing to and from their non-existent habitations. They are going, friendly ghost taking friendly ghost by the hand, to that groined and lofty chamber of Terry's dream, where the faint echoes of laughter linger in the roof of dim blue with gilt stars. They are going to walk in Terry's closes and courts and arbours, happy in that the sorrows and pains and substantialities of the world touch them not in their retreat. They are going down Delyn Avenue, to where the broad and gentle steps descend to the yellow shore. And all about them, but only to be seen if you can see what Terry saw (otherwise you will see only the sand and the wild thyme and the sulphur butterflies and the blue), are Calaer and Anatole, Crière and Hesperia, Mesembrine and Arctic, which are the six towers of that Place with the great gate where bigots and hypocrites and defrauded and whining shareholders enter not, nor the violent Huns of the world of business nor the cruel Ostrogoths of commerce, but only the spruce and noble devotees of the Best, the Terrys before their time.

But when the wind gets up, then the sand blows over it all, and John Pritchard or somebody else, catching his foot against the unseen kerb, comes down his length into the middle of Terry's lovely and desired Place. But the men and women of Llanyglo are beginning to know their way about this phantom town, and none other, save the Gardens (whose house is now finished), and a friend or so of the Gardens' in the summer, ever comes there. The Kerrs, however, still have their Hafod, which they inhabit together when they are not away buying and cutting alders and shaping them into clog-soles with the free-hinged knife in the little canvas hut. And among the businessmen of Liverpool the whole thing is still a rich joke.—"Well, have you started building that house of yours in Wales yet?" a man who has not bought will ask a man who did; and this one will reply, "Oh, I'm thinking about it," or, "You must come down there and stop with me," or some other put-off. And it was rich in the extreme when, one day, the man at whose expense the joke was made took the jester by the button, smiled, and whispered something confidential.... "What!" gasped the jester. "You've sold!... Wherever did you find him? In Manchester? Ha, ha, ha! Splendid! That's a dig in the ribs for Manchester!—I should like to see his face when he sees it!... A pity about poor Armfield, though—he'll catch snuff——"

For Terry had been refused bail.