it will be necessary to go a little further back, and give quite shortly
the main features of the situation in which he and his partner found
themselves placed.

Briefly then, just two years ago, at the time peace was declared in South
Africa, the two partners of Taynton and Mills had sold out £30,000 of
Morris Assheton's securities, which owing to their excellent management
was then worth £40,000, and seeing a quite unrivalled opportunity of
making their fortunes, had become heavy purchasers of South African
mines, for they reasoned that with peace once declared it was absolutely
certain that prices would go up. But, as is sometimes the way with
absolute certainties, the opposite had happened and they had gone down.
They cut their loss, however, and proceeded to buy American rails. In six
months they had entirely repaired the damage, and seeing further
unrivalled opportunities from time to time, in buying motorcar shares, in
running a theatre and other schemes, had managed a month ago to lose all
that was left of the £30,000. Being, therefore, already so deeply
committed, it was mere prudence, the mere instinct of self-preservation
that had led them to sell out the remaining £10,000, and to-day Mr.
Taynton had bought an option in Boston Copper with it. The manner of an
option is as follows:

Boston Copper to-day was quoted at £5 10S 6d, and by paying a premium of
twelve shillings and sixpence per share, they were entitled to buy Boston
Copper shares any time within the next three months at a price of £6 3s.
Supposing therefore (as Mr. Taynton on very good authority had supposed)
that Boston Copper, a rapidly improving company, rose a couple of points
within the next three months, and so stood at £7 10S 6d; he had the right
of exercising his option and buying them at £6 3S thus making £1 7S 6d
per share. But a higher rise than this was confidently expected, and