Phipps for once looked a little taken aback.

"My dear sir," he protested, "your trans-Atlantic bluntness is somewhat disconcerting. However, you must admit that we have heard you patiently.

Let us now, if you are willing, discuss for a minute or two the real object of your visit."

"I have delivered my warning," Wingate remarked. "I am only sorry that you will not take me more seriously. I am now at your service."

"In plain words, then, I want to purchase your holding in the Universal Steamship Company, a holding amounting, I believe, to one million, two hundred and fifty thousand dollars."

Wingate effectually concealed a genuine surprise.

"You seem remarkably well informed as to my investments," he observed.

"Not as to your investments generally," Phipps replied, "but as to your holding of Universal stock. In this stock it is my desire to secure a controlling interest."

"Why?"

Phipps hesitated for a moment. Then he replied with much apparent frankness.

"I could invent a dozen reasons. I prefer to tell you the truth and to base my offer upon existing conditions."

"The truth will be very interesting," Wingate murmured, with a note of faint sarcasm in his tone.

"Here are my cards, then, laid upon the table," Phipps continued, rapping the place in front of him with the back of his hand. "An Asiatic Power has offered me an immense commission if I can arrange the sale to them of the Atlantic fleet of the Universal Line."

"For what purpose?"

"Trading purposes between j.a.pan and China," Phipps explained. "The quickest way of bringing about the sale and earning my commission is for me to acquire a controlling interest in the company. I have already a certain number of shares. The possession of yours will give me control.

The shares to-day stand at a dollar and an eighth. That would make your holding, Mr. Wingate, worth, say, one million, four hundred thousand dollars. I am going to offer you a premium on the top of that, say one million, six hundred thousand dollars at today's rate of exchange."

"For trading purposes between j.a.pan and China," Wingate reflected.

"That is the scheme," Phipps a.s.sented.

Wingate indulged in a few moments' reflection. He had no particular interest in the Universal Steamship Company--a company trading between San Francisco and j.a.pan--and from all that he could remember of their position and prospects, the price was a generous one. Nevertheless, he was conscious of a curious disinclination to part with his shares. The very fact that he knew he was being watched with a certain amount of anxiety stiffened his impulse to retain them.

"A very fair offer, Mr. Phipps, I have no doubt," he said at last. "On the other hand, I am not a seller."

"Not a seller? Not at a quarter premium?"

"Nor a half," Wingate replied, "nor, as a matter of fact, a hundred per cent. premium. You see, I don't trust you, Phipps. You may have told me the truth. You may not. I shall hold my shares for the present."

"Mr. Wingate," Phipps exclaimed incredulously, "you astonish me!"

"Very likely," was the unconcerned reply. "I won't say that I may not change my mind a little later on, if you are still a buyer. Before I did anything, however, I should have a few enquiries to make. If this concludes our business, Mr. Phipps--"

Dredlinton waved a nervous hand towards him.

"One moment, please," he begged, "I have just a few words to say to Mr. Wingate."

The latter glanced at the clock.

"I hope you will say them as quickly as possible," he enjoined. "I have a busy morning."

Dredlinton leaned over Phipps' chair. There was a sinister meaning in his hoa.r.s.e whisper.

"Leave me alone with him for a moment," he suggested. "Perhaps I may be able to earn that two thousand pounds."

Phipps rose at once from his chair and made his way towards the door.

"Lord Dredlinton wishes to have a word with you, Mr. Wingate," he said.

"I shall be on the premises, in case by any fortunate chance you should decide to change your mind."

CHAPTER XV

Dredlinton sank into Phipps' vacated chair and leaned back with his hands in his trousers pockets. He had the air of a man fortified by a certain amount of bravado,--stimulated by some evil purpose.

"So you don't want to sell those shares, Mr. Wingate?"

"I have decided not to," was the calm reply.

"Any particular reason?"

"None," Wingate acknowledged, "except that I am not very anxious to have any business relations with Mr. Phipps."

"And for the sake of that prejudice," Dredlinton observed, "you can afford to refuse such a profit as he offered you?"

"I have other reasons for not wishing to sell," Wingate declared. "I have a very high opinion of Mr. Phipps' judgment as a business man. If the shares are worth so much as that to him, they are probably worth the same amount for me to keep."

Lord Dredlinton shook his head.

"Quite a fallacy, Wingate," he p.r.o.nounced. "Phipps, as a matter of fact, is offering you considerably more than the shares are worth, because with their help he means to bring off a big thing."

"If he relies upon my shares," was the indifferent reply, "I am afraid the big thing won't come off."

"You won't sell, then?"

"No!"

Lord Dredlinton glanced for a moment at his finger nails. He seemed wrapped in abstract thought.

"I wonder if I could induce you to change your mind," he said.

"I am quite sure that you could not."