MacCandless shook his head.
“Well, that ends our argument,” Matt answered pleasantly, and took up his hat. “You can keep your big white elephant another eight years, Mr. MacCandless. Perhaps some principal will come along then and make you another offer; and in the interim you can charge off about one hundred and fifty thousand dollars interest on the money tied up in the Narcissus. Fine business—I don't think!” He nodded farewell and started for the door.
“But you say you have but fifty thousand dollars,” MacCandless protested.
“I said I'd have to get two hundred and fifty thousand dollars more. Well, I'll do it.”
“Quite a sum to raise these days,” MacCandless remarked doubtfully.
“Well, if you'll give me a sixty-day option on the Narcissus at two hundred and seventy-five thousand dollars and agree to do the repairs on her, including dry-docking, cleaning and painting her up to the water line, I'll take a ten-thousand-dollar chance, Mr. MacCandless, that I can raise the money.”
“Do you mean you'll give the Oriental Steamship Company ten thousand dollars for a sixty-day option?”
“I do; and I'll pay for the vessel as I raise the remainder of the money. Ten thousand dollars down for the option, to apply on the purchase price, of course, if the deal goes through, and to be forfeited to you if I fail to make the next payment on time.”
“What will the next payment be?” the cautious MacCandless demanded.
“Twenty thousand dollars a month, with interest at six per cent. in deferred payments. You might as well be earning six per cent. on her as have her rusting holes in her bottom down there in Mission Bay. As she lies, you're losing at least six per cent. interest on her.”