made a few inquiries,
and by good luck, not long after you went off for your holiday, met
just the man I wanted. You've heard of Applegarth's jams?"

Will said he had seen them advertised.

"Well, I came across Applegarth himself. I was talking to
Linklater--and jams came up. 'You ought to see my friend Applegarth,'
said he; and he arranged for us to meet. Applegarth happened to be in
town, but he lives down in Somerset, and his factory is at Bristol. We
all dined together at the Junior Carlton, and Applegarth and I got on
so well that he asked me down to his place. Oxford man, clever, a fine
musician, and an astronomer; has built himself a little
observatory--magnificent telescope. By Jove! you should hear him handle
the violin. Astonishing fellow! Not much of a talker; rather dry in his
manner; but no end of energy, bubbling over with vital force. He began
as a barrister, but couldn't get on, and saw his capital melting. 'Hang
it!' said he, 'I must make some use of what money I have'; and he
thought of jam. Brilliant idea! He began in a very modest way, down at
Bristol, only aiming at local trade. But his jams were good; the demand
grew; he built a factory; profits became considerable. And now, he
wants to withdraw from active business, keeping an interest. Wants to
find some one who would run and extend the concern--put in a fair
capital, and leave him to draw his income quietly. You see?"

"Seems a good opportunity," said Warburton.

"Good? It's simply superb. He took me over the works--a really
beautiful sight, everything so admirably arranged. Then we had more
private talk. Of course I spoke of you, said I could do nothing till we
had consulted together. I didn't seem too eager--not good policy. But
we've had some correspondence, and you shall see the letters."

He handed them to his partner. Warburton saw that there was a question
of a good many thousand pounds.

"Of course," he remarked, "I could only stand for a very small part in
this."

"Well, we must talk about that. To tell you the truth, Will," Sherwood
continued, crossing his legs and clasping his hands behind his head, "I
don't see my way to find the whole capital, and yet I don't want to
bring in a stranger. Applegarth could sell to a company any moment, but
that isn't his idea; he wants to keep the concern in as few hands as
possible. He has a first-rate manager; the mere jam-making wouldn't
worry us at all; and the office work is largely a ma