When I bought Jaguars they were at 1--1-1/16. This means that---- No, on second thoughts I won't. There was a time when, in the pride of my new knowledge, I should have insisted on explaining to you what it meant, but I am getting _blase_ now; besides, you probably know. It is enough that I bought them, and bought them on the distinct understanding from my financial adviser that by the end of the month they would be up to 2. In that case I should have made rather more than forty pounds in a few days, simply by assembling together my solicitor, stockbroker, land-agent, etc., etc., in London, and without going to West Africa at all. A wonderful thought. At the end of a month Jaguars were steady at 1-1/16; and I had received a report from the mine to the effect that down below they were simply hacking gold out as fast as they could hack, and up at the top were very busy rinsing and washing and sponging and drying it. The next month the situation was the same: Jaguars in London very steady at 1-1/16, Jaguar diggers in West Africa very steady at gold-digging. And at the end of the third month I realized not only that I was not going to have any thrills at all, but (even worse) that I was not going to make any money at all. I had been deceived. . . . . . That was where, eighteen months ago, I left the story of my City life. A good deal has happened since then; as a result of which I am once more eagerly watching the price of Jaguars. A month or two after I had written about them, Jaguars began to go down. They did it (as they have done everything since I have known them) stupidly. If they had dropped in a single night to 3/4, I should at least have had my thrill. I should have suffered in a single night the loss of some pounds, and I could have borne it dramatically; either with the sternness of the silent Saxon, or else with the volubility of the volatile--I can't think of anybody beginning with a "V." But, alas! Jaguars never dropped at all. They subsided. They subsided slowly back to 1--so slowly that you could hardly observe them going. A week later they were 63/64, which, of course, is practically the same as 1. A month afterwards they were 31/32, and it is a debatable point whether that is less or more than 63/64. Anyhow, by the time I had worked it out and decided that it was slightly less, they were at 61/64, and one had the same trouble all over again. At 61/64 I left them for a time; and when I next read the financial column they were at 15/16, which still seemed to be fairly near to 1. And even when at last, after many months, I found them down to 7/8 I was not seriously alarmed, but felt that it was due to some little local trouble (as that the manager had fallen down the main shaft and was preventing the gold being shot out properly), and that, when the obstruction had been removed, Jaguars would go up to 1 again.