Mrs. Ducie came in, and nothing more was said. But Philip's dreams that night were all about the Hermandad mine; and it ran far more in his thoughts next day at the office than did his duties.

Two days later Philip saw Lennox again. "By-the-bye, about those Hermandad shares?" he said. "What are they each? I don't see them quoted in the Money Article."

Captain Lennox smiled. "No, you don't see them in the market--at least so far as the general public is concerned; they are too choice a commodity to be there. We--I and my co-directors--intend to keep them for ourselves and our friends."

"What are they?" repeated Philip.

"Twenty pounds each. Five pounds payable on allotment, and another five pounds in two months' time."

"Leaving ten pounds to be called up later on."

"There will be no further calls: the first and second will amply suffice for all expenses. Our profits will begin almost from the very day the machinery gets into working order."

Metaphorically speaking, Philip's mouth was watering. Thirty per cent.! The words had rung like sweet music in his memory ever since he heard them. "I suppose that even if an outsider were desirous of investing a little spare cash in your precious shares, there would be no chance of his being able to do so?" he said.

"Um--well--I dare say there are still a few left. Are you speaking for yourself?"

"I've got that two hundred by me that I won on Patchwork," answered Philip. "I might venture to speculate with that."