position were considered, without stress of feeling, for Will had
recovered his self-control; and Sherwood, soothed by the sense of
having discharged an appalling task, tended once more to sanguine
thoughts. To be sure, neither of them could see any immediate way
out of the gulf in which they found themselves; all hope of resuming
business was at an end; the only practical question was, how to earn
a living; but both were young men, and neither had ever known
privation; it was difficult for them to believe all at once that
they were really face to face with that grim necessity which they
had thought of as conquering others, but never them. Certain
unpleasant steps, however, had at once to be taken. Sherwood must
give up his house at Wimbledon; Warburton must look about for a
cheap lodging into which to remove at Michaelmas. Worse still, and
more urgent, was the duty of making known to Mrs. Warburton what had
happened.

"I suppose I must go down at once," said Will gloomily.

"I see no hurry," urged the other. "As a matter of fact, your mother
and sister will lose nothing. You undertook to pay them a minimum of
three per cent. on their money, and that you can do; I guarantee you
that, in any case."

Will mused. If indeed it were possible to avoid the disclosure--?
But that would involve much lying, a thing, even in a good cause,
little to his taste. Still, when he thought of his mother's weak
health, and how she might be affected by the news of this
catastrophe, he began seriously to ponder the practicability of
well-meaning deception. That, of course, must depend upon their
difficulties with Applegarth remaining strictly private; and even