“I am afraid that even he is tired of it by this time. I am sorry, but I feared it was inevitable.”

Stranleigh looked up at him.

“Could you make this factory pay, if it were given into your charge?”

“Not in its present condition.”

“I mean, of course, with your recommendations carried out. If the mill, free from all encumbrances, filled with modern machinery, rightly placed, were put under your management, could you make it pay?”

Challis did not answer for some moments. His brow was wrinkled in thought, and he seemed making some mental calculations.

“There would need to be a suitable amount of working capital——”

“Yes, yes; all that is understood. Could you make it pay?”

“I am almost sure I could, but there is that incalculable factor, the opposition of the Trust.”