“But of course there must be securities of some sort. Well, the borrower’s ‘note of hand’ is sufficient, with deposit of deeds, leases, life policies, or, if preferred, a bill of sale on furniture or other goods ‘without removal’ (_i.e._ at the time of borrowing). Then the repayment may be by ‘easy instalments.’” How accommodating! Many of these assertions the needy borrower will find abundant reason to doubt before the loan is completed. On application she will be puzzled to reconcile the terms named to her with those in the alluring advertisement, and will find the rate of interest to be truly “five per cent. and upwards,” fifty per cent. being no uncommon demand, in addition to expenses connected with and deducted from the loan. Should she complain about the expenses, she is usually told that they are rendered necessary by the existence of some special risk in her particular case. The writer whom we have just quoted tells a sad story of a poor widow lady, who, being pressed for her rent, saw a money-lender’s advertisement and answered it. The money-lender came, and obtained the lease of the house as a security, “only a form, you know.” He was such a polite, kind man; and interest, she understood, was to be only £5 per cent. Soon after the widow had an offer for her house and furniture, so she went to redeem the lease held in security by the money-lender. The poor woman, who had signed the papers presented to her, either without reading them or without thoroughly understanding them, then learned for the first time that “£5 per cent.” did not mean £5 a year for the loan of a hundred pounds. The money-lender’s advertisement did not say “£5 per cent. per annum.” He lent his money at £5 per cent. per month, or £60 for a year for £100, besides various fees and charges. The moral of the story is that it is very foolish to have anything to do with money-lenders, and that it is still more foolish to go into any transaction without making perfectly certain as to the exact amount for which one is liable. There are some money-lenders who only pretend to lend: as a matter of fact, they never do. Their profits are derived solely from booking fees, office expenses, and charges for the sham “inquiry,” which always is of so unsatisfactory a nature that the loan cannot be granted. It is true the advertisements of these gentry often state that no preliminary fees or office expenses of any kind are charged. The borrower, however, is in such cases informed that these payments are dispensed with only in the cases of certain classes, in none of which, we need hardly say is she fortunate enough to find herself. (_To be continued._) THE SHEPHERD’S FAIRY. A PASTORALE. BY DARLEY DALE, Author of “Fair Katherine,” etc. CHAPTER XVIII.