“The public is to subscribe the £300,000 in Preference Shares, and to get one Ordinary Share (of 1/–) thrown in as a bonus for each £1 Preference Share subscribed. The object of the high premium on Lessingham’s option, of course, is to create an artificial value for the Ordinary shares—to make the public think that they are valuable—and so enable Lessingham, with the propaganda at his disposal through all three companies—Rotunda, E. & G. and Victory Finance—especially the latter—to start a market in them at anything from 5/– to 7/6 a share and so make a large fortune out of his allotted two million. If he sells at even 5/– he makes £500,000 on them, and if the market goes really well he has his option on another million—in fact he’s in clover. “The new company, when it’s floated, will have a different name, so that it’s more than likely that Lessingham’s connection with it will not be known to the public and the Victory Finance Company will be able to push it without its Chairman, Lorne, realizing either—unless he’s a much sharper man than I take him to be. “What the Ethiopian and General Board was thinking of to agree to such terms, I can’t think. Wraile must have got them pretty well under his thumb. I believe that what weighed very strongly with them was that Lessingham said that if they gave him favourable terms he would arrange for the Victory Finance Company to make them a big loan for the development of this mine and other properties on easy terms. The V. F., being a reputable company, would also help to create a market at a premium on the ordinary shares. Lessingham has only a 15% share in the Victory Finance and is using its money for his own purposes. He’s the real directing brain of the company; he does genuinely good work for them—makes big profits for them by his advice—and makes use of the kudos he so establishes to land them in an undertaking of this kind. Eventually, of course, both the Ethiopian and General and the Victory Finance will be liable to smash over it. By that time Lessingham will have made his pile and cleared out—and Wraile too, of course. He’s only got 10 per cent in Victory Finance and 10 per cent in E. & G. D.—probably both he and Lessingham will have sold their shares before the smash comes—but he can afford to lose them altogether if he’s sharing with Lessingham in this Rotunda swindle. They’re a pretty couple.” CHAPTER XXI General Meets General On his return to the offices of the Victory Finance Company on Monday afternoon, Major-Gen. Sir Hunter Lorne found awaiting him a note brought by a young man in a neat dark suit. Sir Hunter tore it open and read it, a frown, first of surprise and then of annoyance, deepening on his face as he did so. “What the devil? Of all the infernal impertinence!” he exclaimed, then struck the hand-bell sharply. A junior clerk appeared at the door. “That chap who brought this note still here?” he asked aggressively. “Yes, Sir Hunter.”