it, I found that on the most conservative estimate I was
the owner of a million and a half in hard cash, or its equivalent. I was
so tired out that I remember this discovery did not excite me at all. I
felt utterly weary of all wealth-hunting and of the City and its ways.
Moreover my old fastidiousness and lack of perseverance re-asserted
themselves. I reflected, rather late in the day perhaps, on the
ruin that this speculation was bringing to thousands, of which some
lamentable instances had recently come to my notice, and once more
considered whether it were a suitable career for an upright man. I had
wealth; why should I not take it and enjoy life?

Also--and here my business acumen came in, I was sure that these times
could not last. It is easy to make money on a rising market, but when
it is falling the matter is very different. In five minutes I made up
my mind. I sent for my junior partners, for I had taken in two, and told
them that I intended to retire at once. They were dismayed both at my
loss, for really I was the firm, and because, as they pointed out, if
I withdrew all my capital, there would not be sufficient left to enable
them to carry on.

One of them, a blunt and honest man, said to my face that it would be
dishonourable of me to do so. I was inclined to answer him sharply, then
remembered that his words were true.

"Very well," I said, "I will leave you L600,000 on which you shall pay
me five per cent interest, but no share of the profits."

On these terms we dissolved the partnership and in a year they had
lost the L600,000, for the slump came with a vengeance. It saved them,
however, and to-day they are earning a reasonable income. But I have
never asked them for that L600,000.

Chapter II. Bastin and Bickley

Behold me once more a man without an occupation, but now the possessor
of about L900,000. It was a very considerable fortune, if not a large
one in England; nothing like the millions of which I had dreamed, but
still enough. To make the most of it and to be sure that it remained, I
invested it very well, mostly in large mortgages at four per cent which,
if the security is good, do not depreciate in capital value. Never again
did I touch a single speculative stock, who desired to think no more
about money. It was at this time that I bought the Fulcombe property.
It cost me about L120,000 of my capital, or with alterations, repairs,
etc., say L150,000, on which sum it may pay a net