'He must be some one of importance, or Tramplara would not have put him on the board?'

'I do not believe in his existence. You were asking why Captain Trecarrel has not become a director. For the best of reasons. He does not care to cover an honourable name with disgrace.'

Mr. Battishill's face changed colour.

'That is a strong expression, Herring, and ought to be justified.'

'Dear Mr. Battishill, you know what Polpluggan did for you.'

'Polpluggan was a disastrous venture, certainly.'

'You told me yourself it was a swindle.'

'Well, well, the word was too strong. I thought so at the time; but Tramplara has been frank with me about it. Since he has been here so much, engaged on Ophir, I have seen his books; he showed them me in the most open manner possible, he insists on my going over them myself. Polpluggan was a failure, not a swindle. I withdraw the expression.'

'And Ophir, I believe, is nothing less than a swindle, and will cover every one who has to do with it with infamy. That is why Captain Trecarrel will not lend his name to the concern.'

'Why then does he marry the daughter of Ophir?'