that you allowed him to invest in bank shares, Mr. Brander."

"Of course I should not have done so if I had had the slightest idea
that the bank was in difficulties, but I was in no way behind the
scenes. I transacted their legal business for them in the way of drawing
up mortgages, investigating titles, and seeing to the purchase and sales
of property here in the county; beyond that I knew nothing of their
affairs. I was not consulted at all in the matter. Your father simply
said to me, 'I see that the shares in the bank have dropped a little,
and I hear there are some foolish reports as to its credit; I think as
a county gentleman I ought to support the County Bank, and I wish you to
buy say fifty shares for me.'"

"That was just like my father," Cuthbert said, admiringly, "he always
thought a great deal of his county, and I can quite understand his
acting as he did. Well, they were ten pound shares, I think, so it is
only five hundred gone at the worst."

"I am afraid you don't understand the case," Mr. Brander said, gravely;
"each and every shareholder is responsible for the debts of the bank to
the full extent of his property, and although I earnestly hope that only
the bank's capital has been lost, I can't disguise from you that in the
event of there being a heavy deficiency it will mean ruin to several of
the shareholders."

"That is bad, indeed," Cuthbert said, thoroughly interested now. "Of
course you have no idea at present of what the state of the bank is."

"None whatever, but I hope for the best. I am sorry to say I heard a
report this morning that Mr. Hislop, who was, as you know, the chairman
of the bank, had shot himself, which, if true, will, of course,
intensify the feeling of alarm among the shareholders."

Cuthbert sat silent for some time.

"Well," he said, at last, "this is sudden news, but if things are as bad
as possible, and Fairclose and all the estate go, I shall be better off
than many people. I shall have that five thousand pounds that came to me
by my mother's settlement, I suppose?"

"Yes, no doubt. The shares have not been transferred to my name as your
father's executor. I had intended when I came up next week to go through
the accounts with you, to recommend you to instruct me to dispose of
them at once, which I should have done in my capacity of executor
without transferring them in the first place to you. Therefore, any
claim there may be will lie against the estate and not a