ly to Cossey and Son for the loan. Indeed, considering how long and intimate has been the connection between their house and the de la Molle family, I think it right and proper to do so; indeed, I should consider it very wrong of me if I neglected to give them the opportunity of the investment"—here a faint smile flickered for an instant on Mr. Quest's face and then went out—"of course they will, as a matter of business, require security, and very properly so, but as this estate is unentailed, there will fortunately be very little difficulty about that. You can draw up the necessary deeds, and I think that under the circumstances the right thing to do would be to charge the Moat Farm specifically with the amount. Things are bad enough, no doubt, but I can hardly suppose it possible under any conceivable circumstances that the farm would not be good for five thousand pounds. However, they might perhaps prefer to have a general clause as well, and if it is so, although I consider it quite unnecessary, I shall raise no objection to that course."

Then at last Mr. Quest broke his somewhat ominous silence.

"I am very sorry to say, Mr. de la Molle," he said gently, "that I can hold out no prospect of Cossey and Son being induced, under any circumstances, to advance another pound upon the security of the Honham Castle estates. Their opinion of the value of landed property as security has received so severe a shock, that they are not at all comfortable as to the safety of the amount already invested."

Mr. de la Molle started when he heard this most unexpected bit of news, for which he was totally unprepared. He had always found it possible to borrow money, and it had never occurred to him that a time might perhaps come in this country, when the land, which he held in almost superstitious veneration, would be so valueless a form of property that lenders would refuse it as security.