Briefly then, just two years ago, at the time peace was declared in South Africa, the two partners of Taynton and Mills had sold out £30,000 of Morris Assheton's securities, which owing to their excellent management was then worth £40,000, and seeing a quite unrivalled opportunity of making their fortunes, had become heavy purchasers of South African mines, for they reasoned that with peace once declared it was absolutely certain that prices would go up. But, as is sometimes the way with absolute certainties, the opposite had happened and they had gone down. They cut their loss, however, and proceeded to buy American rails. In six months they had entirely repaired the damage, and seeing further unrivalled opportunities from time to time, in buying motorcar shares, in running a theatre and other schemes, had managed a month ago to lose all that was left of the £30,000. Being, therefore, already so deeply committed, it was mere prudence, the mere instinct of self-preservation that had led them to sell out the remaining £10,000, and to-day Mr. Taynton had bought an option in Boston Copper with it. The manner of an option is as follows: Boston Copper to-day was quoted at £5 10S 6d, and by paying a premium of twelve shillings and sixpence per share, they were entitled to buy Boston Copper shares any time within the next three months at a price of £6 3s. Supposing therefore (as Mr. Taynton on very good authority had supposed) that Boston Copper, a rapidly improving company, rose a couple of points within the next three months, and so stood at £7 10S 6d; he had the right of exercising his option and buying them at £6 3S thus making £1 7S 6d per share. But a higher rise than this was confidently expected, and Taynton, though not really of an over sanguine disposition, certainly hoped to make good the greater part if not all of their somewhat large defalcations. He had bought an option of 20,000 shares, the option of which cost (or would cost at the end of those months) rather over £10,000. In other words, the moment that the shares rose to a price higher than £6 3s, all further appreciation was pure gain. If they did not rise so high, he would of course not exercise the option, and sacrifice the money.