t I'm about to tell you reaches
nobody else."

George looked at West, who nodded.

"Well," explained Singleton, "I've come over on a flying visit about
this rubber business. The original company--the one in which you hold
shares--was got up mainly with the idea of profiting by the rather
reckless general buying of such stock. Its tropical possessions were
badly managed, though a little good rubber was shipped, and when prices
reached their highest point Mr. Lansing sold out."

"If he had sold my shares at the same time, there should have been a
satisfactory margin?"

"Undoubtedly. Extensive selling, however, shakes the confidence of
speculators, and a man desirous of unloading would accordingly prefer
everybody else to hold on."

"I think I am beginning to understand now," George said grimly.

"Then," Singleton went on, "a new company was projected by the
promoters of the first one, and I was sent out to report on its
prospects. At the last moment Mr. Lansing withdrew, but his associates
sent me south again. The slump he had foreseen came; nobody wanted
rubber shares in any but firmly established and prosperous companies.
Lansing had cleared out in time and left his colleagues to face a
crushing loss."

"I don't see how all this bears upon the subject," George interrupted.

"Wait. You may be thankful Lansing didn't sell your shares. I found
that the company could be placed upon a paying basis, and, what is
more, that the older one possessed resources its promoters had never
suspected. In fact, I discovered how its output could be greatly
increased at an insignificant cost. I came home at once with a scheme
which has been adopted, and I've every reason to believe that there
will be marked rise in the shares before long. Anyway, there's no
doubt that the company will be able to place high-class rubber on the
market at a cost which will leave a very satisfactory margin."

George was conscious of strong relief. It looked as if his loss would
be small, and there was a chance of his stock becoming valuable; but
another thought struck him.

"When was it that Herbert sold his shares?"

"At the beginning of last winter."

"Shortly before we mentioned that you might come home," West interposed
pointedly.

This confirmed George's suspicions; he could readily understand
Herbert's preferring that he should stay away, but he remembered that
it was Sylvia's letter which had decided him to remain in Canada.