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126 It is only since her fool of a trustee let Pudleigh turn it into a company for the purpose of raising capital to extend its operations that its revenue has sunk, till now it hardly pays its working expenses." "Mismanagement, I suppose."

"Deliberate mismanagement, of course, to depreciate its value till Pudleigh has bought up all the shares at sixpence apiece or so, and put it in his pocket. Then it will pay again, and with improved methods he will draw five or six thousand a year out of it."

"But I suppose the public subscribed for the shares. What's become of the money?"

"Only fifteen thousand were ever really issued, and that money's gone in the expenses of promotion and directors' fees."

"Beautiful simplicity," I said, with gentle admiration.

"Infernal rascality!" said Morton hotly.

"But have you any evidence that Pudleigh really bought the forty thousand shares of Miss Pavis?" "Evidence? Well, Pudleigh, or rather the Company, would have the transfer, of course, and we have the entry of Pudleigh's check for £200 in the trust account"

"Do you know whether the shares are now registered in Pudleigh's name, or still in the name of Miss Pavis?"