The report in question had arrived, and, without further delay, he proceeded to master it. The problems it contained were of a complicated order; the dip and depth of the reef, the assay value of it, the cost of working, the reduction which might be obtained in this by the use of Chinese labour, all these were things which had to be considered. Should he not exercise his option, the right, that is, of buying his shares at the figure agreed on, he would lose, of course, what he had spent in purchasing that right. It was by a careful study of this rather voluminous report on the property that he had to make up his mind whether he would exercise it or not. Now the problems of finance, that extraordinary and ubiquitous game in which the most acute brains in the world are pitted against each other for the acquisition of those little yellow metal counters, which in this present world are so undeniably potent to procure for their owner a comfortable journey through it, had at all times an immense attraction for Philip, and he found that even to-day they were no less absorbing than they had ever been. He found, too, that, in spite of the frightful shock that he had undergone, his reasoning and deductive faculties had not been shaken or dulled, and he felt himself as capable as ever of weighing the evidence which should decide his course. The report itself was fairly satisfactory, and he was inclined to believe that the shares which he could call up were worth the price, which to-day stood steady at the figure which he would have to pay for them. His money, which ran into six figures, would perhaps be locked up for a time, but he did not particularly object to that. On the other hand, supposing he bought, the effect on the market would certainly be to send the value of the shares up, so that he could probably, if he wished, clear out again, realising a small profit. This was all plain sailing enough; the report was good enough to justify his exercising his option. But the market altogether, as he well knew, was, in consequence of the Russo-Japanese war, in a rather excitable and nervous state, and the more difficult problem must claim his attention--what would be the effect on it if he did not buy? It was known, of course, that his option was a considerable one, and dealers in these shares were awaiting any news as to his movements with some anxiety.