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316 twenty-six thousand pounds, which I will hand over to you if the conference comes to nothing."

"I don't feel like taking money, Lord Stranleigh, when you are certain it will never be returned to you."

"Oh, I know very well, Peter, it will be returned. The American surety you offer is more than ample. I have really no fear on that score at all, but what 1 wished to get from you was some definite plan of procedure when you have released the shares of your little road. Still, we can discuss all that afterwards. The main thing is to see Mr. Preston, and try to come to an arrangement. You have your pawned town, and your bankrupt railway. He can easily throw business in your way if he likes to do it. I am a stockholder in his line to the extent of twenty thousand shares, so he'll listen to us, at least."

The little clock on the mantelpiece above the fire-place softly chimed eleven. Mackeller glanced up at it, and rose to his feet gloomily. It was evident he was in a state of deep depression, uncomforted by the genial optimism of his friend. November in London is a sombre month at best, and November, 1907, was a terrible period for any man who needed money.

"I am very deeply obliged to you, Stranleigh," he said, "and although I came to borrow money, I am loth to accept it. You are counting on our