HALF A MILLION OF MONEY.

BY THE AUTHOR OF "BARBARA'S HISTORY."

CHAPTER XX. TWO AND A HALF PER CENT.

MR. KECKWITCH banished, and the coffee-cups
pushed aside, William Trefalden uttered a little
preliminary cough, and said,

"Now, Saxon, to business."

Saxon was all attention.

"In the first place," he began, "you have a
large fortune in money; and it is highly important
that so weighty a sum should be
advantageously placed. By advantageously placed, I
mean laid out in the purchase of land, lent on
mortgage, or otherwise employed in such a
manner as to bring you large returns. And I
assure you I have not ceased, since your affairs
have been in my hands, to make inquiry in every
quarter where inquiry was likely to lead to
anything useful."

"I'm sure it's very kind of you," murmured
Saxon, vaguely.

"The great difficulty," continued Mr. Trefalden
"is the largeness of the sum. It is
comparatively easy to dispose of fifty, or a hundred,
or even of five hundred thousand pounds;
but nobody either wants to borrow, or could
give security, for such a sum as four
millions. Not that I should wish to see your all
placed upon a single venture. Far from it. I
would not advise such a step, though the Russian
government were the borrower. But neither do
I wish to spread your property over too large a
surface. It is a course attended with great
inconvenience and great expense. Do you quite
follow me?"

"Not in the least," said Saxon, to whom the
language of the money-market was about as
intelligible as a cuneiform inscription.

"Well, you understand that your money ought
to be invested?"

"I thought it was invested. It's in
Drummond's bank."

"Not so. The bulk of your fortune consists
of government stock; but a very considerable
sum which I had expected to invest for you
before now, and which, if you remember, we sold
out of the funds when you first came to London,
is temporarily deposited at Drummond's, where
at present it brings you no interest. My object,
however, is to do with this what I hope to do in
time with the whole of your money—namely,
invest it safely at a high rate of interest. By
these means you will enjoy an ample income,
but leave your capital untouched."

"Shall I, indeed?" said Saxon, struggling to
conceal a yawn. "That is very curious."

"Not curious at all, if one even understands
the first principles of banking. Have you no
idea of what interest is?"

"Oh dear yes," replied Saxon, briskly, "I
know all about that. Greatorex explained it
to me. Interest means two and a half per
cent."

Mr. Trefalden shifted the position of his chair,
and turned the lamp in such a manner that the
light fell more fully on Saxon's face, and left his
own in shadow.

"Two and a half per cent!" he repeated.
"That was a very limited statement on the part
of Mr. Greatorex. Interest may mean anything,
from one per cent up to a hundred, or a hundred
thousand. He cannot have offered that assertion
as an explanation of general facts. Do you
remember the conversation that led to it?"

"Not clearly; but he was talking very much
as you have just been talking, and he said they
would give me two and a half per cent at their
bank, if I liked to put my money in it."

"Humph! and your reply?"

"I said you managed everything of that sort
for me, and that I would ask you to see to it."

"Meaning, that you would ask me to transfer
your money from Drummond's to Greatorex's?"

"If you please."

"Then I certainly do not please; and as long
as you continue to attach the slightest value to
my opinion, you will not place a penny in their
hands."

Saxon looked aghast.

"Oh, but—but I promised," said he.

"Precisely what I expected to hear you say.
I felt sure you had been trapped into a promise
of some kind."

"I can't break my word," said Saxon,
resolutely.

Mr. Trefalden shrugged his shoulders.

"I can't let you ruin yourself," he replied.
"Greatorex and Greatorex are on the verge of
bankruptcy; and I have private information