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336 no control from the central office, an intolerable state of things ensues. If we sell tickets over Mr. Mackeller's line from any of our own stations, we lay ourselves liable to vexatious actions at law should a passenger be injured on that small railway over which we exercise no jurisdiction."

"Could not the owners of the line give you a deed of indemnity, or something of that sort, which would relieve you from responsibility?"

"Not in a case of this kind, Lord Stranleigh, where the owners of the branch are practically bankrupt."

Sir Phillip Sanderson jerked his head back and blurted out:

"That is a lie. Neither Mr. Mackeller nor myself are practically bankrupt."

Mr. Preston rose to his feet.

"I am sorry I cannot oblige you, Lord Stranleigh, and I am compelled to ask you to consider this interview at an end." He glanced at his watch. "There is another deputation waiting."

"Just one moment, Mr. Preston. Would it make any difference to you if you knew you could not become possessed of the Gorham line?"

"Not the slightest. I don't care a straw whether I own it or not."

"Because," said Lord Stranleigh, taking the cheque from his waistcoat pocket, "I have