"—Subject to certain conditions," he continued. "First of all, I spoke some time ago of spending a sum of 3,000*l.* on a steam yacht. Dismiss that from your mind. I cannot afford it; neither will you be able."

The young man stared at this. For although he cared very little about the steam yacht—having a less liking for the sea than some of us—he was surprised to hear that a sum like 3,000*l.* was even a matter for consideration to a reputedly rich man like his uncle.

"Oh, certainly, sir," said he. "I don't at all want a steam yacht."

"Very well, we will now proceed."

The Laird took up one of the documents beside him, and began to draw certain lines on the back of it.

"Ye will remember," said he, pointing with his pencil, "that where the estate proper of Denny-mains runs out to the Coulter-burn Road, there is a piece of land belonging to me, on which are two tenements, yielding together, I should say, about 300*l.* a year. By and by, if a road should be cut so—across to the Netherbiggins road—that land will be more valuable; many a one will be wanting to feu that piece then, mark my words. However, let that stand by. In the meantime I have occasion for a sum of ten thousand three hundred pounds—"

The Youth looked still more alarmed: had his uncle been speculating?

"—and I have considered it my duty to ask you, as the future proprietor of Denny-mains in all human probability, whether ye would rather have these two tenements sold, with as much of the adjoining land as would make up that sum, or whether ye would have the sum made a charge on the estate generally, and take your chance of that land rising in value? What say ye?"

The Laird had been prepared for all this; but the Youth was not. He looked rather frightened.

"I should be sorry to hear, sir," he stammered, "that—that—you were pressed for money——"