“As for that,” answered Mr. Stewart, with a smile, “there is scarcely an undertaking of the kind which has not one black sheep at least in its ranks. Now, I am quite aware of the nature of Mr. Black’s weakness, and, you may recollect, it is stated to be better to have to do with a devil you know, than a devil you do not know. Further, Mr. Black is undeniably clever, and he has, equally undeniably, got hold of a good thing.” “And yet you say, had I consulted you in the first instance, you would have advised me to keep clear of it!” “On the terms—yes,” was Mr. Stewart’s reply. “Had Mr. Black come to you and said, ‘Here are a couple of hundred shares, paid up, which will qualify you to act as a director, let me have your name on our board in exchange,’ I should have recommended you to accept his offer, because, if the Company succeeded, there were the shares; if it failed, you had no liability; either way, you would have been safe. But when it comes to advancing money—even on the best security that Mr. Black could offer—the case is materially altered. I should not have counselled such a risk as that, Mr. Dudley, depend upon it!” “Do you think Mr. Black will not repay me, then?” asked Arthur. “I do not think Mr. Black can repay you,” amended Mr. Stewart; “with the best will in the world, I am confident that he has not the means of doing so at present. His other companies will swallow up every available sixpence he can scrape together for the next twelvemonth.” “But I have my shares,” said the Squire. “True; but paid-up shares are never of any real marketable value, unless all the shares are paid up.” “Why?” was the next inquiry. “Because,” explained Mr. Stewart, “no man will pay ten pounds for that which he can buy immediately for two: as, for instance, if you went on the market to-morrow, you would not be so foolish as to purchase a paid-up share, in any company, for twenty pounds, if you could procure exactly the same advantages for five. You could but pay your calls, if they were demanded; you would not rush to your bankers and write a cheque for the full sum at once. In some prospectuses—in one of Mr. Black’s, by-the-bye—there is a very delicious paragraph, to the effect, that ‘although no further calls will be made at shorter intervals than three months, and then in amounts not exceeding one pound per share, still the shareholders may, at any time after allotment, pay up their shares in full, receiving interest on such payments at the rate of six per cent. per annum!’ I never met with a man desirous of paying up his shares in full, however,” finished Mr. Stewart with a quiet laugh. “Do you mean, then, to tell me that until all the shares are paid up, those I have will remain valueless?” demanded Arthur. “Comparatively so,” was the reply. “Then what good—if I cannot sell my shares, nor dispose of my property, and if there be no chance of Mr. Black dividing his profits with me—is this Company likely to do to me or mine?”