'By all means. There is some. The beauty, or the mischief of the matter is, that the lode of tin is in the granite and under the sea. Mining in granite is costly, and the proximity to the sea dangerous, entailing extraordinary precautions. The water gets in. Now when this takes place there follows a call on the shareholders for pumping it out. Every great storm drowns the mine and fills the shareholders with despair; the pump goes down into their pockets. Then the tin vein does not yield as at first. Once there were bunches like those of Eshcol, the dividends were seven, seven-and-a-half, eight, eight-and-a-quarter, going, going, going up, and then, slow but sure, as the miners sank their shaft so did the shares sink, and the dividends with them, till they reached zero. After that, a rapidly swelling minus quantity.'

'I have written the letter. Have you sealing-wax?'

'There it is. Now the beauty, or the mischief is—beauty from the Tramplara, mischief from the Battishill point of view—that old rascal so fired my imagination, and was so accommodating, that I borrowed the money of him to sink in Polpluggan. If I had speculated with my own little savings—but no! I had no savings—that would have been bad enough, but to speculate on borrowed capital is ruinous. That rascally old Tramplara led me on till he led me into his trap, and then snap, the door shut behind me, and I am fast. Poor West Wyke! Poor Cicely! Poor—' he looked at the stained coat in the window, 'poor ancestral owls!'

A shadow fell across the table from some one passing the window.

'Good God!' exclaimed Mr. Batishill; 'here comes that young Tramplara.'

A rap with the handle of a riding-whip on the hall door, and, without waiting for a response, Tramplara entered. He was a young man, good looking, with dark hair and eyes, and a dark moustache. His cheeks were florid. He had been drinking, and that gave a gloss to his face and an uncertainty to his eye. He came in with his hat on. He wore a short coat, knee breeches, and tall boots.

'I say,' he began roughly, 'what is the meaning of this? There have been those—with an oath—Cobbledicks inclosing a fresh piece of the down. I won't have it. They will establish rights, and it will be hard to displace them. Their fences must be tore down.' His pronunciation was West country, his grammar occasionally so.

'Have you observed that Mr. Battishill is in the room?' asked Herring, quietly. He had just sealed the Avranches letter.

'I see him right enough. I was addressing him, not you.'

Herring looked at the old gentleman; he had become limp. His jaw had fallen, and his hands trembled as he laid them on the arms of his chair.