Hitherto the developments of Llanyglo had lain in a few hands only--the hands of Edward Garden and his shareholders, of one or two others who had forgotten they had a holding in Terry Armfield's Thelema, but remember it now with joy and thanksgiving, of Mr. Tudor Williams, and of not very many more. But now a more ponderous machine began to rumble into motion. This was the machine of which the Railway Companies and a couple of Pleasure Packet Services were the visible active parts. Rumours now began to fly about of developments long since planned and now imminent, developments astounding and gigantic. These rumours began with hotels. Hitherto the "Cambrian" had been thought to be rather more than so-so, but of course nobody would have dreamed of comparing it with the "Grands" and "Majesties" which "_Lancashire Hotels, Limited_" possessed in the great centres of the North. These had half a dozen tennis-courts in front, palm-courts and winter-gardens behind, and five and six and seven hundred bedrooms. But now the rumour ran that, not one of these, but two, owned by opposing Syndicates, were to be set up in Llanyglo. The sites on which they were to be built varied according to the version of the tale. Some said that the "Montgomery" was to be pulled down again, some that the whole row of fishermen's cottages was to be demolished, some that a terrace was to be dug out of the side of the Trwyn itself and a funicular railway constructed. However it might be, it was known that there were prolonged meetings of the Council about it, and that at one point the whole thing, whatever it might be, seemed likely to fall through. And that, as they now knew, would be their death-blow. They would do anything, anything rather than that these immense reservoirs of capital, already partly opened, should be shut up again. They would hold out the town itself as security, a twopenny rate, promises, accommodations, anything. It was said that Sheard, the Porth Neigr solicitor, who had moved to new premises opposite the Llanyglo Town Hall, sat up five nights in the week, making actuarial calculations, estimating yields, measuring margins, and balancing all with the possibility of the town's bankruptcy. Edward Garden was once more at Llanyglo, and closeted frequently with Mr. Tudor Williams and Howell Gruffydd.... Even the two projected hotels were not much more than a detail as matters now stood; the whole town must now be given a tremendous upward heave or collapse with a crash. Even those hotels could go up now only on one condition--namely, that the base of the visiting population, that foundation of which innumerable units are the strength, should at once be immensely broadened. For every individual who could afford to put up at a palace, they must rake in scores, hundreds of people who could not. The real foundation of the hotels must be row on row, acre on acre, of Ham-and-Egg Terraces. For the rest, a