"The tramp stood outside, watching me with the greatest intentness."

Stopping outside the shop, I stood a few minutes gazing in at its window, which was filled with a miscellaneous collection: teapots, telescopes, knives, spoons, pipes, and one or two flutes and concertinas. Presently I summoned enough resolution to enter, and going to the counter, held out the watch and chain to the rather elderly man behind it.

'I want to sell this watch and chain,' I said.

'Oh, you do, do you?' he answered, and opening the watch, he began to examine the works. He looked so doubtful that I began to fear he would refuse to buy, in which case I scarcely knew what to do, as it seemed unlikely that I should find another such shop that day. It was already past eleven o'clock, and after my walk I was beginning to feel hungry. Certainly he had no right to buy the watch from a boy of my age, but I suppose that after a little hesitation he was unable to resist the temptation to make a bargain.

'How much do you want for it?' he asked, as he closed the lid with a snap.

'Four pounds,' I answered, thinking that a reasonable demand.

Still holding the watch with the chain hanging down between his fingers, he broke into a laugh which did not sound very merry.

'Four pounds!' he exclaimed. 'Think yourself lucky if you get ten shillings. I will give you fifteen.'

It was a terrible disappointment, but at the time it did not occur to me to doubt the man's good faith. I came to the conclusion that I had ignorantly over-valued my property, and at least fifteen shillings would be better than nothing.