were dazzled with legends of mines of gold and pockets of diamonds, while the gravest saw gain in pampas waving with wheat and prairies grazed by countless herds. It was felt, even by the most cautious, that a new era had set in. Trade, soaring on a continual rise in prices, was to know no bounds. If the golden age of commerce had not begun, something very like it had come to bless the British merchant. 

 Under such circumstances the Valleys Railroad seemed a practical thing even to Grounds, and Ovington’s question was answered by a general assent. 

 “Very good, gentlemen,” he resumed. “Then I may take that as agreed.” He proceeded to enter upon the details of the scheme. The length of the line would be fourteen miles. The capital was to be £45,000, divided into 4500 shares of £10 each, £1 a share to be paid at once, the sum so raised to be used for the preliminary expenses; £1 10s. per share to be paid three months later, and the rest to be called up as required. The directors’ qualification would be fifty shares. The number of directors would be seven—the five gentlemen now present and two to be named, as to whom he would have a word to say by-and-by. Mr. Bourdillon, of whose abilities he thought highly—here several at the table looked kindly at the young man—and who for other reasons was eminently fitted for the position, would be secretary. 

 “But will the forty-five thousand be enough, sir?” Grounds ventured timidly. He alone was not directly interested in the venture. Wolley was the tenant of a large mill. Sir Charles was the owner of two mills and the hamlets about them, Acherley of a third. Ovington had various interests. 

 “To complete the line, Mr. Grounds? We believe so. To provide the engine and coaches another fifteen thousand will be needed, but this may be more cheaply raised by a mortgage.” 

 Sir Charles shied at the word. “I don’t like a mortgage, Mr. Ovington,” he said. 

 “No, d——n a mortgage!” Acherley chimed in. He had had much experience of them. 

 “The point is this,” the banker explained. “The road once completed, we shall be able to raise the fifteen thousand at five per cent. If we issue shares they must partake, equally with ourselves, in the profits, which may be fifteen, twenty, perhaps twenty-five per cent.” 

 A twinkle of greed passed from eye to eye. Fifteen, twenty, twenty-five per cent.! Ho, ho! 

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