'Not at all. The papers are actually in the safe again?'

'Certainly. I—that is—he—he or I—put them there.'

'Oh! my dear Master'—Elsie clapped her hands—'this is even more important than the other. You do not know—you cannot guess—what mischiefs you are able to stop. If I had only been able to talk to you about these things before! The paper you have already written is for my brother. Now sit down, my Master, and write another that will do for me.'

'I will do anything you ask me—and everything. But as for this, why not ask Dering? His memory never fails. His mind is like a box which holds everything and can never be filled. Perhaps he would not like these private affairs—as between solicitor and client—to be talked about.'

'We cannot go to Mr. Dering. There are certain reasons which would not interest you. All we want is a clear, straightforward statement, an exact statement of what happened. Sit down now and write me a full account of each transaction.'

'Certainly; if it will be of the least use to you.'

'Early in the present year,' he began, 'I found that my plan of an Industrial Village if it was to be carried into effect would want all the money I could command. It occurred to me that it would be well to transfer a certain sum from the hands of my agent, and to place it in my own Bank ready to hand. I began then, in March, with a sum of six thousand pounds, which Dering, by my instructions, handed over to my Bank in the form of shares and stocks. I believe they were transfers of certain stocks held by him in his own name, but forming part of my fortune—my large private fortune. The Bank was instructed to receive the dividends on that sum. A month or so later I obtained from Dering other stock to the value of twelve thousand pounds, the papers of which were also given to my Bank. And after that I took out papers representing twenty thousand pounds; so that I had in my hands, ready to be sold out and used at a moment's notice, no less than thirty-eight thousand pounds. All this money I intended to devote to my Industrial Village. The scheme is still one in which I put my whole confidence. But it has not yet been carried into effect, in consequence of the difficulty of finding working men equal to the situation. They understand working for the man who has the money; they do not understand working for the man who has none, that is for each other and for themselves. For my own part I could only find working men of that stamp. Perhaps I am too much in the study. I do not go about enough among working men. There must be some advanced to my stage of development.—Well, for want of men, I could not start my Village, and I have not used the money. As for the papers, I have taken them out of the Bank and placed them in Dering's safe.'

Elsie looked over his shoulder, reading every word. 'The letters which Mr. Dering wrote to the stockbroker in accordance with your instructions. They were written for him—perhaps—by you. It is unusual, but——'

'I told you,' he replied sharply. 'What is the use of saying things twice? There are some things which confuse a man. I wrote them—he wrote them—he acted for me—or I acted for myself. What matter? The end is as I have written down for you.—Now, will this paper be of any use to you?'

'Of the greatest use. Please sign it, dear Master.'