bringing about the sale and earning my commission is for
me to acquire a controlling interest in the company. I have already a
certain number of shares. The possession of yours will give me control.
The shares to-day stand at a dollar and an eighth. That would make your
holding, Mr. Wingate, worth, say, one million, four hundred thousand
dollars. I am going to offer you a premium on the top of that, say one
million, six hundred thousand dollars at today's rate of exchange."

"For trading purposes between Japan and China," Wingate reflected.

"That is the scheme," Phipps assented.

Wingate indulged in a few moments' reflection. He had no particular
interest in the Universal Steamship Company--a company trading between
San Francisco and Japan--and from all that he could remember of their
position and prospects, the price was a generous one. Nevertheless, he
was conscious of a curious disinclination to part with his shares. The
very fact that he knew he was being watched with a certain amount of
anxiety stiffened his impulse to retain them.

"A very fair offer, Mr. Phipps, I have no doubt," he said at last. "On
the other hand, I am not a seller."

"Not a seller? Not at a quarter premium?"

"Nor a half," Wingate replied, "nor, as a matter of fact, a hundred per
cent. premium. You see, I don't trust you, Phipps. You may have told me
the truth. You may not. I shall hold my shares for the present."

"Mr. Wingate," Phipps exclaimed incredulously, "you astonish me!"

"Very likely," was the unconcerned reply. "I won't say that I may not
change my mind a little later on, if you are still a buyer. Before I did
anything, however, I should have a few enquiries to make. If this
concludes our business, Mr. Phipps--"

Dredlinton waved a nervous hand towards him.

"One moment, please," he begged, "I have just a few words to say to
Mr. Wingate."

The latter glanced at the clock.

"I hope you will say them as quickly as possible," he enjoined. "I have a
busy morning."

Dredlinton leaned over Phipps' chair. There was a sinister meaning in
his hoarse whisper.

"Leave me alone with him for a moment," he suggested. "Perhaps I may be
able to earn that two thousand pounds."

Phipps rose at once from his chair and made his way towards the door.

"Lord Dredlinton wishes to have a word with you, Mr. Wingate," he said.
"I shall be on the premises, in case by any fortunate chance you should
decide to change your mind."

CHA