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156 mind. What if I had been right? What if my childish pleasantry had frightened the principal away, and thus destroyed our chance? Shame closed my mouth; I began instinctively a long course of reticence; and it was without a word of my meeting with Bellairs, or my discovery of the address in Mission Street, that I continued the discussion.

“Doubtless fifty thousand was originally mentioned as a round sum,” said I, “or at least, so Bellairs supposed. But at the same time it may be an outside sum; and to cover the expenses we have already incurred for the money and the schooner—I am far from blaming you; I see how needful it was to be ready for either event—but to cover them we shall want a rather large advance.”

“Bellairs will go to sixty thousand; it's my belief, if he were properly handled, he would take the hundred,” replied Pinkerton. “Look back on the way the sale ran at the end.”

“That is my own impression as regards Bellairs,” I admitted. “The point I am trying to make is that Bellairs himself may be mistaken; that what he supposed to be a round sum was really an outside figure.”

“Well, Loudon, if that is so,” said Jim, with extraordinary gravity of face and voice, “if that is so, let him take the Flying Scud at fifty thousand, and joy go with her! I prefer the loss.”

“Is that so, Jim? Are we dipped as bad as that?” I cried.

“We've put our hand farther out than we can pull it in again, Loudon,” he replied. “Why, man, that fifty thousand dollars, before we get clear again, will cost us nearer seventy. Yes, it figures up overhead to more than ten per cent. a month; and I could do no better, and there isn't the man breathing could have done as well. It was a miracle, Loudon. I couldn't but admire myself. O, if we had just the four months! And you know, Loudon, it may still be done. With