lace of a director, with
no more official power than any other director might have. Yet in
every case, I think I may say, no decision of any importance would
have been taken by the company in opposition to his advice, and he was
the financial backbone of each. On the two top floors of these great
premises we have a rather different state of things. For here are the
offices of the three smaller companies which were directly under the
control of Mr. Masters, and which are the original source of his
fortune. I allude to the Steel Axle Company, the Stormly Mine and the
Stormly Foundry Companies. These affairs he continued to keep under
his own eye, never relaxing his attention, or the excellent system he
had established, under which the whole great affair worked with such
marvellous smoothness and success. I beg your pardon, did you say
anything?"

Christopher shook his head. Mr. Saunderson resumed.

"You will understand Mr. Masters' wealth was directly drawn from these
companies, bringing him an income of roughly L130,000 a year. The
administration of this income, of which he spent about one-fourth on
himself, was the occupation of the offices on the top floor of Princes
Buildings. A certain proportion of income was regularly reinvested in
concerns in which Mr. Masters took no active part, and was
accumulative. It is this reserve fund which has brought the actual
fortune to such high figures as I have quoted you, nearly L4,000,000.
A great deal of money also has been devoted to the purchase of
freehold property. You would be surprised how great an area of
Birmingham itself belongs to Mr. Masters."

Christopher gave an involuntary movement of dissent, and the lawyer
hurried on.

"Not perhaps districts that it would be interesting to visit now, but
which will undoubtedly be of vast interest to your heirs. They
represent enormous capital and of course will eventually be a source
of colossal wealth.

"Now, so perfect is the machinery and system under which all these
giant concerns are worked, that they will run without difficulty on
their present lines until you have mastered the working thoroughly,
and are able, if you should wish it, to make your own plans for
future greatness. I say this, because it seems to me you are inclined
to overrate the difficulties of your position. I do not say, mind you,
matters could go on indefinitely as they are, but you are a young man
of intellect and capacity, you have only to step in