"The lawyer has placed all the deeds and documents relating to Mr. Penfold's property in my hands, and, as I was of course before well aware, my late client died worth a very considerable property in addition to his large estates in this country. For the last twenty years his income has exceeded his expenditure by an average of three thousand a year, and as the surpluses have been judiciously invested, and as the prices of all funds and stocks now stand vastly higher than they did during the course of the long war, their total value now amounts to something over a hundred and thirty thousand pounds. "The property in this country was valued, at the time Mr. Penfold drew up his will, at eighty thousand pounds; these estates he left to your son, and the sum of eighty-thousand pounds, in various investments, to Miss Withers, and directed that the residue, whatever it might be at his death, should be equally divided between them. Your son's share, therefore, will amount to about twenty-five thousand pounds. I may say that the outlying farms, which were settled by deed as a security for the four hundred pounds annually paid to you, are not included in the above valuation, but are ordered to revert to the main estate upon your decease. "The formalities will all be completed in the course of a short time. I may say that from the totals to be divided must be deducted the legacy duties, which, as your son and Miss Withers are strangers by blood to the testator, will be heavy." Mr. Tallboys added that he heard the younger Miss Penfold was now recovering from her serious illness, but it was not probable she would ever be again herself. He had received, he said, a letter that morning from their solicitor, saying that as soon as Miss Eleanor Penfold could be moved, which it was hoped would be in the course of another week, the ladies would vacate possession of the Hall. A fortnight later Mrs. Conway and Ralph left Dover for London, leaving orders with an agent to sell the furniture of their house. All Ralph's old friends on the shore had been made happy with handsome presents. After a short stay in London they went down, and Ralph took possession of the Hall. He soon found there was abundance of occupation for his time on the estate, and that this would be increased when, as would doubtless be the case, he was placed on the Commission of Peace for the county, as Herbert Penfold had been before him. As soon as Ralph had completely recovered his health and strength he told his mother that she must spare him for a week, as he had promised that he would on the first opportunity go over to Dunkirk to see his friend Jacques.