which they are described in the catalogue."

Some of the company looked as if they were not sure whether they ought
not to say "Hear, hear!" after this very elegant and polished speech,
but they restrained their admiration, and reserved their energies for
the bidding.

As I was last on the list I had full opportunity of noticing how my
fellows fared, and was specially curious to see how the three or four
watches whose acquaintance I had chanced to make went off.

The common-looking watch with the unlucky "Bob" attached to its chain
was knocked down for L3 5 shillings, which, on the whole, was a triumph
to the mortified coin, for it is certain without him the lot would not
have fetched nearly so much, and his triumph was further enhanced by the
fact that the hunter with whom he had had his altercation fetched only
L2 17 shillings 6 pence. However, there was no time for jeers and
recriminations at present, we were all too deeply absorbed in watching
the fate of our fellows and speculating on our own.

The compensation balance, keyless, air-tight, seven-guinea grandee was
the next to be put up, and the first bid for him was L1 10s.

"That I should have lived to hear that!" I heard the poor creature
gasp.

"And if he's a teetotaler," I murmured, by way of encouragement, "that
only means L1 8 shillings 6 pence!"

"Scoffer! be silent and leave me to my misery," said the keyless one, in
a solemn tone.

The bidding improved considerably. He was run up to L2, L2 10
shillings, L3, L3 10 shillings, and finally to L4.

"Nothing more for this very magnificent watch?" said the auctioneer; "I
positively cannot let him go for a song."

No answer.

"I wish gentlemen would take the trouble to look at it," continued the
persevering official; "they could not fail to see it was worth twice the
money bid."

Still no answer.

"Did I understand you to bid four five, sir?" said the auctioneer to an
innocent-looking stripling near the door. "Thank you."

The stripling, however, disclaimed the soft impeachment, and looked very
guilty as he did so.

"Well, there seems no help for it. I wish I were down among you
gentlemen. I'd take good care not to lose this chance."

No answer.

"Then I must knock it down. Going, going, gone, sir; it's yours, and
dirt cheap, too."

All this was encouraging for me. If a seven-guinea watch goes for four
pounds, for how much will a three-guinea one go?

This was a problem which I