On the afternoon of the third day, the Easterners, Billy Knapp, and Michaïl Lafond gathered formally to talk it over. The latter contrived to be included because he was a man of experience. After some little preliminary discussion, in which the Easterners showed by their airy familiarity with the topic just how much of the local color had soaked in, Stevens rapped on the table. "Although this is not strictly a business meeting," he began, "perhaps we can get at what we want better by putting some little formality into its discussions. The question before us is this: Mr. Knapp here possesses certain property which he wishes to dispose of. We have been over it thoroughly in the last few days, we have examined the figures relating to its assays and the gross value of the claims. They have been satisfactory. We have next, as it seems to me, to figure on the probable working expense, in order that we may, with some intelligence, estimate the margin of profit." He sorted over some papers on the table before him. "Let us take up the Great Snake lode first. What, in your idea, would be necessary for its development?" "Wall," began Billy, rising formally. "They is practically two leads on th' Great Snake; an' if you-all decides to work 'em both, you'd want a shaft on each. A plain-timbered shaft costs you yere about twenty to twenty-five dollars a foot. Then you needs cross-cuts, and drif's at about five or ten a foot besides--that includes everythin'--men, tools, powder. Then yore pump an' hoist is worth about two or three thousan'. includin' minin' expenses for two months. That's all th' actual expense connected with th' Great Snake itself; but of course you has to have yore stamp mill and washer for all the group of claims. A good stamp mill costs you ten thousan' dollars, but it's good forever." "How much shaft and tunnel would you have to sink before getting to a paying basis?" asked Frank briefly. "That would depen'. You wants to get to water level, of course, afore yore shore; but it might pay right squar' from th' surface. Count on a hunderd foot." "And when you get to pay level, what capacity a day would you have?" Billy laughed. "That depen's too. You can put on more or less men. Call her from fifteen to twenty ton a day." They bent their heads together over the figures. After a little Stevens read the following tabulation:-- 2 shafts of 100 feet each @ 20.00 . . . . . . . $4,000.00 Cross-cuts and drifts, say . . . . . . . . . . . 1,200.00 Pump and hoist . . . . . . . . . . . . . . . . . 2,000.00 1-10 of the cost of mill (there were ten claims) . . . . . . . . . . . . . . . . . . 1,000.00 -------- Initial expense . . . . . . . . . . . . . . . . $8,200.00