"I was an a.s.s," Jacob admitted.

The critical note vanished from Dauncey's tone. He laid his hand upon his friend's shoulder.

"It wasn't your fault, Jacob," he said. "We shall prove that you were never interested in the option and knew nothing about it. As for Miss Bultiwell, it won't hurt you if you have to take that bit of land off her hands."

Jacob shook his friend's hand.

"Thank you, d.i.c.k."

"And I should tackle those fellows at once, if I were you," Dauncey added. "No good letting the matter drag on. Ask them what they're going to charge. Say that one or two of the tenants have been making enquiries."

"I will."

"It's a dirty business all round," Dauncey declared. "They made you advance the whole of the money to buy the land, and they saved their bit for the waterworks and lighting company. It's as plain as a pikestaff why they didn't let you in on that. They knew perfectly well that you'd never be a party to such a low-down scheme as they had in view."

Jacob swung round to his desk with an air of determination.

"I'll tackle them within the next few days," he promised.

CHAPTER IX

The opportunity for an explanation between Jacob and his fellow speculators speedily presented itself. Amongst his letters, on the following morning, Jacob found a somewhat pompous little note from Dane Montague, inviting him to lunch at the Milan at half-past one.

Littleham, supremely uncomfortable in a new suit of clothes, was the other guest, and champagne was served before the three men had well taken their places.

"A celebration, eh?" Jacob observed, as he bowed to his two hosts.

Mr. Montague cleared his throat.

"Our meeting might almost be considered in that light," he admitted.

"Yesterday afternoon we sold the last plot of land on the Cropstone Wood Estate."

"Capital!" Jacob exclaimed. "Full price?"

"Sixpence a yard over."

Jacob nodded approval.

"By the bye," he said, "I see that the Water Company is getting on very well with its connections. They must have several hundred men at work there."

Mr. Montague appeared a little startled.

"Well, well! At any rate we shall be able to keep our word. Electric light and water will be ready for every house as it is built."

"That reminds me of a question I was going to ask you," Jacob went on.

"What price are we going to charge for the electric light?"

"What price?" Montague murmured, balancing a knife upon his forefinger and watching it meditatively.

"The Company'll have to fix that amongst themselves," Littleham declared brusquely.

"One or two of the people who've bought plots have made enquiries,"

Jacob continued, without noticing the last speaker. "I think they've begun to realise that they're pretty well at our mercy--or rather at the mercy of the Company."

"Well, that's not our business, anyway," Montague replied evasively.

"I dare say it will be rather an expensive affair, connecting them all up."

Jacob smiled knowingly.

"No need for us to bluff one another," he remarked, dropping his voice a little. "We all three know what's in front of those unfortunate tenants. Serves 'em right for trying to buy the land too cheap. By the bye, Montague, there's no mistake about that option?"

Mr. Montague coughed.

"None at all," he answered.

"When do you want my share of the purchase money?"

Mr. Dane Montague and his friend exchanged surrept.i.tious glances.

"Presently ... presently," the former replied. "The option doesn't expire for two months yet. But there is another little matter concerning which Littleham and I have a proposition to make to you."

"Go ahead," Jacob invited.

"Every plot of land on the Cropstone Wood Estate has now been sold,"

Montague continued. "The purchase price provided by you was twenty thousand pounds. The land has been sold for thirty-five thousand, of which sum twenty per cent has been received."

"Precisely," Jacob agreed. "We have fifteen thousand pounds, less expenses and interest, to divide between the three of us as the money comes in."

"In the ordinary course of events," Mr. Montague proceeded, "it will no doubt be a year at least before the depositors will have paid up in full and a correct balance can be arrived at. Now Littleham and I are scarcely in your position. We need to turn our money over quickly. We therefore make to you the following proposition. Let the accounts be made out at once, allow six per cent interest upon all sums still owing from depositors, give us a cheque for the whole amount of our shares on that basis, and Littleham and I are willing to pay you five hundred pounds each for the accommodation."

"A dissolution of partnership, in fact?"

"Precisely," Montague a.s.sented.

"There's the taking over of the Electric Light and Water Company,"

Jacob remarked reflectively. "I suppose you want that kept entirely separate."

Montague coughed.

"Entirely," he agreed.

"Supposing some of the purchasers should fail to make good their deposits?"

"Then the deposit would belong to you," Montague pointed out, "and the land could be resold elsewhere."