s of Hudson
Bay Transport, Ltd. The post bore off to every town and village in the
United Kingdom hundreds of thousands of copies of the issue in its full
legal detail.

Heading the prospectus were these names on the Board of Directors:--

Clifford Matheson, Esq. (Chairman).
The Right Hon. Lord St Aubyn, P.C., K.C.V.O.
Sir Francis Letchmere, Bart.
Gervase Lowndes Hawley Carleton-Wingate, Esq., M.P.
Lars Larssen, Esq. (Managing Director). To join the Board after allotment.

The capital was divided into 5,000,000 Ordinary L1 Shares, and 4,000,000
Deferred Shares of 1s. The latter were assigned to the vendor, Lars
Larssen, in payment for various considerations. He had also underwritten
the entire issue of Ordinary Shares for a commission of 3 per cent. The
lists for subscription were to open on May 1st and close at midday on
May 3rd. The London and United Kingdom Bank, in which Lord St. Aubyn was
a Director, was receiving subscriptions and carrying out the routine of
issuing allotment letters.

Such in essence was the prospectus of Hudson Bay Transport, Ltd. It
embodied every point that Larssen aimed for. It was entirely legal,
since Matheson had O.K.'d a copy of the prospectus, and the further
agreement between the two men had been technically evaded by the fact of
Larssen underwriting the entire issue himself.

By the time the "Starlight" reached Norway, the subscription lists would
be closed and Matheson would be impotent to veto the issue. If he were
three days on the high seas between France and Norway, Larssen would
have gained the control of Britain's wheat-supply.

And Matheson had no knowledge of the daring game that his adversary was
venturing. Not even a suspicion of it. In his pocket was the shipowner's
agreement to extend their truce to May 20th. His mind was at rest
regarding the Hudson Bay Scheme.

His thoughts were now centred on Olive and the strange _volte face_ in
her feelings towards him. The change in her was scarcely understandable.
Yet it was entirely a normal outcome of her essential character. Olive
had never appreciated Clifford's value to herself until that day at
Wiesbaden when she had realised his value to the woman who was ready to
sacrifice her reputation and her happiness in order to free his hands.
The torrent of bitter words she had poured on Elaine was the reflex
action of that sudden realisation. It was born of uncontrollable
jealousy.

Now she wanted to win Clifford back. It