But Mr. Alington, after his first comprehensive glance, gave but little attention to these atrocities of climate. His reading-lamp shone cheerily on his desk, and on the very satisfactory papers lying there, and Carmel basked in a temperate sunshine. For up till now the ways of the new group had entirely fulfilled his expectations, which from the beginning had been sanguine, and the best, so he hoped, was yet to be. The scheme which he had formed in the summer, and which he had talked over with Jack in September, had been simple, ingenious, and on the safe side of excessive sharpness. The dear, delightful public, as he had foreseen, was quite willing to fall in with his scheme, and had seconded his plans for general enrichment--particularly his own--with openhanded patronage. The scheme in brief was as follows, had the public only known:
It will be remembered that he had formed two companies, Carmel, and Carmel East and West, with capitals respectively of three hundred thousand and five hundred thousand pounds. Carmel East and West had exhibited remarkable fluctuations, as Kit knew to her loss, Alington, and Jack following his advice, to their gain, and the way in which this had been worked was simplicity itself. The shares had been issued at par, and had risen almost immediately to twenty-five shillings. This Alington was disposed to put down partly to his own reputation and as the result of reports from the mine, but chiefly--for he was modest even when alone--to the effect of his noble body of directors. He as vendor had fifty thousand shares fully paid, and at this point he sold out, unloading very carefully under several names, and taking a very decent little profit for a man of simple tastes and butler-like appearance. The natural effect of this extensive sale was to cause the shares to drop, and the downward tendency was accelerated by unpromising news from the mine, which followed immediately on his sale. The ore, as stated in the prospectus, was refractory, and extracting it was both costly and yielded a very small percentage of gold. Mr. Alington, whom several large holders and substantial City men consulted about this time, was not sanguine. The results were bad, there was no denying it. Three weeks of a dropping market brought the shares to the condition they were in on that day of November on which Kit sold out for the first time, and they closed at thirteen and ninepence sellers, fourteen and threepence buyers. This seemed to Alington to be low enough for his second step, as he did not want the market to lose confidence altogether. He sent a telegram out to his manager in Australia, Mr. Linkwood, laconic, but to that intelligent fellow perfectly comprehensible: