onsiderable portion of
the south side of the hill has already been purchased, besides certain
other plots which would interfere considerably with any comprehensive
scheme of building."

Mr. Dowling's face fell at once; his tone was one of annoyance mingled
with irritation.

"Come, come," he declared, "this sounds very bad, Mr. Tavernake, very
neglectful, very careless as to the interests of the firm. Why did we
not keep our eye upon it? Why did we not forestall this other purchaser,
eh? It appears to me that we have been slack, very slack indeed."

Tavernake took a small book from his pocket.

"You will remember, sir," he said, "that it was on the eleventh of May
last year when I first spoke to you of this site."

"Well, well," Mr. Dowling exclaimed, sharply, "what of it?"

"You were starting out for a fortnight's golf somewhere," Tavernake
continued, "and you promised to look into the affair when you returned.
I spoke to you again but you declared that you were far too busy to go
into the matter at all for the present, you didn't care about this side
of London, you considered that we had enough on hand--in fact, you threw
cold water upon the idea."

"I may not have been very enthusiastic at first," Mr. Dowling admitted,
grudgingly. "Latterly, however, I have come round to your views."

"There have been several articles in various newspapers, and a good deal
of talk," Tavernake remarked, "which have been more effectual, I think,
in bringing you round, than my advice. However, what I wish to say to
you is this, sir, that when I found myself unable to interest you in
this scheme, I went into it myself to some extent."

"Went into it yourself?" Mr. Dowling repeated, incredulously. "What do
you mean, Tavernake? What do you mean, sir?"

"I mean that I have invested my savings in the purchase of several plots
of land upon this hillside," Tavernake explained.

"On your own account?" Mr. Dowling demanded. "Your savings, indeed!"

"Certainly," Tavernake answered. "Why not?"

"But it's the firm's business, sir--the firm's, not yours!"

"The firm had the opportunity," Tavernake pointed out, "and were not
inclined to avail themselves of it. If I had not bought the land when I
did, some one else would have bought the whole of it long ago."

Mr. Dowling was obviously in a furious temper.

"Do you mean to tell me, sir," he exclaimed, "that you dared to enter
into private speculations while still an employee of the fi