We began by washing a certain patch of gravel and obtained results which seemed really astonishing. So remarkable were they that on publication the shares rose to 10s. premium. Jacob and Co. took advantage of this opportunity to sell quite half of their bonus holding to eager applicants, explaining to me that they did so not for personal profit, which they scorned, but “to broaden the basis of the undertaking by admitting fresh blood.” It was shortly after this boom that the gravel surrounding the rich patch became very gravelly indeed, and it was determined that we should buy a small battery and begin to crush the quartz from which the gold was supposed to flow in a Pactolian stream. We negotiated for that battery through a Cape Town firm of engineers—but why follow the melancholy business in all its details? The shares began to decrease in value. They shrank to their original price of £1, then to 15s., then to 10s. Jacob, he was managing director, explained to me that it was necessary to “support the market,” as he was already doing to an enormous extent, and that I as chairman ought to take a “lead in this good work” in order to show my faith in the concern. I took a lead to the extent of another £500, which was all that I could afford. I admit that it was a shock to such trust in human nature as remained to me when I discovered subsequently that the 1,000 shares which I bought for my £500 had really been the property of Jacob, although they appeared to be sold to me in various other names. The crisis came at last, for before that battery was delivered our available funds were exhausted, and no one would subscribe another halfpenny. Debentures, it is true, had been issued and taken up to the extent of about £1,000 out of the £5,000 offered, though who bought them remained at the time a mystery to me. Ultimately a meeting was called to consider the question of liquidating the company, and at this meeting, after three sleepless nights, I occupied the chair. When I entered the room, to my amazement I found that of the five directors only one was present besides myself, an honest old retired sea captain who had bought and paid for 300 shares. Jacob and the two friends who represented his interests had, it appeared, taken ship that morning for Cape Town, whither they were summoned to attend various relatives who had been seized with illness. It was a stormy meeting at first. I explained the position to the best of my ability, and when I had finished was assailed with a number of questions which I could not answer to the satisfaction of myself or of anybody else. Then a gentleman, the owner of ten shares, who had evidently been drinking, suggested in plain language that I had cheated the shareholders by issuing false reports.