in her heart declared war on all debentures.  And as soon as she gathered that Thomas Batchgrew was suggesting to Louis the exchange of waterworks stock for seven per cent. debentures in the United Midland Cinemas Corporation, Limited, she became more than ever convinced that her instinct about debentures was but too correct.  She sat down primly, and detached the armlet, and removed all the bits of black cotton from the sleeve, and never raised her head nor offered a remark, but she was furious—­furious to protect her husband against sharks and against himself.

The conduct and demeanour of Thomas Batchgrew were now explained.  His visit, his flattery, his heartiness, his youthfulness, all had a motive.  He had safeguarded Louis’ interests under the will in order to rob him afterwards as a cinematograph speculator.  The thing was as clear as daylight.  And yet Louis did not seem to see it.  Louis listened to Batchgrew’s ingenious arguments with naive interest and was obviously impressed.  When Batchgrew called him “a business man as smart as they make ’em,” and then proved that the money so invested would be as safe as in a stocking, Louis agreed with a great air of acumen that certainly it would.  When Batchgrew pointed out that, under the proposed new investment, Louis would be receiving in income thirty or thirty-five shillings for every pound under the old investments, Louis’ eye glistened—­positively glistened!  Rachel trembled.  She saw her husband beggared, and there was nothing that frightened her more than the prospect of Louis without a reserve of private income.  She did not argue the position—­she simply knew that Louis without sure resources behind him would be a very dangerous and uncertain Louis, perhaps a tragic Louis.  She frankly admitted this to herself.  And old Batchgrew went on talking and inveigling until Rachel was ready to believe that the device of debentures had been originally invented by Thomas Batchgrew himself with felonious intent.

An automobile hooted in the street.

“Well, ye’ll think it over,” said Thomas Batchgrew.

“Oh I will!” said Louis eagerly.

And Rachel asked herself, almost shaking—­“Is it possible that he is such a simpleton?”

“Only I must know by Tuesday,” said Thomas Batchgrew.  “I thought I’d give ye th’ chance, but I can’t keep it open later than Tuesday.”

“Thanks, awfully,” said Louis.  “I’m very much obliged for the offer.  I’ll let you know—­before Tuesday.”

Rachel frowned as she folded up the jacket.  If, however, the two men could have seen into her mind they would have perceived symptoms of danger more agitating than one little frown.

“Of course,” said Thomas Batchgrew easily, with a short laugh, in the lobby, “if it hadna been for her making away with that nine hundred and sixty-odd pound, you’d ha’ had a round sum o’ thousands to invest.  I’ve been thinking o’er that matter, and all I can see for it is as her must ha’ thrown th’ money into th’ fire in mistake for th’ envelope, or with th’ envelope.  That’s all as I can see for it.”