to be organised with a capitalisation of $500,000, which would be sufficient to begin with. Of this amount $200,000 should be assigned to the treasury, the remaining $300,000 disposed of as follows: to Mr. Gwynne, as owner of the mine, should be allotted $151,000 stock, thus giving him control; the remaining $149,000 stock should be placed locally. The proposition contained an offer from Switzer to organise the company and to place the stock, in consideration for which service he asked a block of stock such as the directors should agree upon, and further that he should be secretary of the company for a term of five years at a salary of $2,000 per annum, which should be a first charge upon the returns from the mine. “Ernest insists on being secretary?” said Nora. “Yes, naturally. His interests are all here. He insists also that I be president.” “And why, Dad?” enquired Nora. “Well,” said Mr. Gwynne, with a slight laugh, “he frankly says he would like to be associated with me in this business. Of course, he said some nice things about me which I need not repeat.” “Oh pshaw!” exclaimed Nora, patting him on the shoulder, “I thought you were a lot smarter man than that. Can't you see why he wants to be associated with you? Surely you don't need me to tell you.” “Nora dear, hush,” said her mother. With an imploring look at her sister, Kathleen left the room. “Indeed, Mother, I think it is no time to hush. I will tell you, Dad, why he wants to be associated with you in this coal mine business. Ernest Switzer wants our Kathleen. Mother knows it. We all know it.” Her father gazed at her in astonishment. “Surely this is quite unwarranted, Nora,” he said. “I cannot allow a matter of this kind to be dragged into a matter of business.” “How would it do to take a few days to turn it over in our minds?” said his wife. “We must not forget, dear,” she continued, a note of grave anxiety in her voice, “that if we accept this proposition it will mean a complete change in our family life.” “Family life, Mother,” said Mr. Gwynne with some impatience. “You don't mean--” “I mean, my dear,” replied the mother, “that we shall no longer be ranchers, but shall become coal miners. Let us think it over and perhaps you might consult with some of our neighbours, say with Mr. Waring-Gaunt.” “Surely, surely,” replied her husband. “Your advice is wise, as always. I shall just step over to Mr. Waring-Gaunt's immediately.” After Mr. Gwynne's departure, the others sat silent for some moments, their minds occupied with the question raised so abruptly by Nora. “You may as well face it, Mother,” said the girl. “Indeed, you must face it, and right now. If this Company goes on with Ernest as secretary, it means that he will necessarily be thrown into closer relationship with our family. This will help his business with Kathleen. This is what he means. Do you wish to help it on?”