began to have an uneasy feeling as though ere long, unless he kept a sharp look-out, he should drift into being a sham.

True, all would be changed as soon as he could endow the College for Spiritual Pathology; matters, however, had not gone too well with `the things that people bought in the place that was called the Stock Exchange.' In order to get on faster, it had been arranged that Ernest should buy more of these things than he could pay for, with the idea that in a few weeks, or even days, they would be much higher in value, and he could sell them at a tremendous profit; but, unfortunately, instead of getting higher, they had fallen immediately after Ernest had bought, and obstinately refused to get up again; so, after a few settlements, he had got frightened, for he read an article in some newspaper which said they would go ever so much lower, and, contrary to Pryer's advice, he insisted on selling - at a loss of something like £500. He had hardly sold when up went the shares again, and he saw how foolish he had been, and how wise Pryer was, for if Pryer's advice had been followed, he would have made £500, instead of losing it. However, he told himself he must live and learn.

Then Pryer made a mistake. They had bought some shares, and the shares went up delightfully for about a fortnight. This was a happy time indeed, for by the end of a fortnight, the lost £500 had been recovered, and three or four hundred pounds had been cleared into the bargain. All the feverish anxiety of that miserable six weeks, when the £500 was being lost, was now being repaid with interest. Ernest wanted to sell and make sure of the profit, but Pryer would not hear of it; they would go ever so much higher yet, and he showed Ernest an article in some newspaper which proved that what he said was reasonable, and they did go up a little - but only a very little, for then they went down, down, and Ernest saw first his clear profit of three or four hundred pounds go, and then the £500 loss, which he thought he had recovered, slipped away by falls of a half and one at a time, and then he lost £200 more. Then a newspaper said that these shares were the greatest rubbish that had ever been imposed upon the English public, and Ernest could stand it no longer, so he sold out, again this time against Pryer's advice, so that when they went up, as they shortly did, Pryer scored off Ernest a second time.

Ernest was not used to vicissitudes of this kind, and they made him so anxious that his health was affected. It was arranged therefore that he had better know nothing of what was being done. Pryer was a much better man of business than he was, and would see to it all. This relieved Ernest of a good deal of trouble and was better after all for the investments themselves; for, as Pryer justly said, a man must not have a faint heart if he hopes to succeed in buying and selling upon the Stock Exchange, and seeing Ernest nervous made Pryer nervous too - at least, he said it did. So the money drifted more and more into Pryer's hands. As for Pryer himself, he had nothing but his curacy and a small allowance from his father.

Some of Ernest's old friends got an inkling from his letters of what he was doing, and did their utmost to dissuade him, but he was as infatuated as a young lover of two and twenty. Finding that these friends disapproved, he dropped away from them, and they, being bored with his egotism and high-flown ideas, were not sorry to let him do so. Of course, he said nothing about his speculations - indeed, he hardly knew that anything done in so good a cause could be called speculation. At Battersby, when his father urged him to look out for a next presentation, and even brought one or two promising ones under his notice, he made objections and excuses, though always promising to do as his father desired very shortly.