deny that he was an honest man and a well-meaning man, were at least glad that their affairs were in the hands of some one else.

He rose and solemnly greeted the widow and her two sons as they entered.

“I am sorry to intrude at such a time,” said he, “but as your late husband’s adviser, I considered it right to call and make you acquainted with his affairs.”

Here Mr Richmond smiled, greatly to Reginald’s indignation.

“Thank you,” said Mrs Cruden; “sit down, please, Mr Richmond.”

Mr Richmond obeyed, dubiously eyeing the two boys as he did so.

“These are your sons, I presume?” said he to Mrs Cruden.

“They are,” said she.

Mr Richmond rose and solemnly shook hands with each of the lads, informing each with a smile as he did so that he was pleased to make his acquaintance.

“You wish the young gentlemen to remain, perhaps?” he inquired, as he resumed his seat.

“To be sure,” said Mrs Cruden, somewhat nettled at the question; “go on, please, Mr Richmond.”

“Certainly, madam,” said the lawyer. “May I ask if you are acquainted with the late Mr Cruden’s state of affairs?”

“I wish to hear that from you,” said the widow, “and with as little delay as possible, Mr Richmond.”

“Certainly, madam. Mr Cruden honoured me with his confidence on these matters, and I believe, next to himself, I knew more about them than any one else.”

Here Mr Richmond paused and smiled.

“In fact,” continued he, “I may almost say I knew more about them than he did himself, for your excellent husband, Mrs Cruden, was not a good man of business.”

Reginald could not stand the smile which accompanied this observation, and said, somewhat hotly,—

“Look here, Mr Richmond, if you will say what you’ve got to say without laughing and speaking disrespectfully of my father, we shall be glad.”

“Certainly, Master Cruden,” said the lawyer, a trifle disconcerted by this unexpected interruption. Then turning to the widow he continued,—

“The fact is, madam, the late Mr Cruden was, I fear, under the impression that he was considerably better off than he was.”

Mr Richmond paused as if for a reply, but as no one spoke he continued,—

“I am sorry to say this appears to have been the case to a much larger extent than even I imagined. Your late husband, Mrs Cruden, I believe spent largely on his estate here, and unfortunately kept no accounts. I have frequently entreated him to reckon over his expenditure, but he always replied that it was considerably under his income, and that there was no need, as long as that was the case, to trouble himself about it.”

A nervous movement among his listeners was the only reply the lawyer received to this last announcement, or to the smile which accompanied it.

“Mr Cruden may have been correct in his conjecture, madam, although I fear the contrary.”

“If my father said a thing,” blurted out Reginald at this point, “I see no reason for doubting his word.”

“None in the least, my dear Master Cruden; but unfortunately your father did not know either what his income was or what his expenditure was.”

“Do you know what they were?” said Reginald, not heeding the deprecating touch of his mother’s hand on his.

“As far as I understand the state of your father’s affairs,” said Mr Richmond, undisturbed by the rude tone of his inquisitor, “his income was entirely derived from interest in the stock of two American railways, in which he placed implicit confidence, and in one or the other of which he insisted on investing all capital which came to his hand. The total income from these two sources would in my opinion just about cover Mr Cruden’s various expenses of all kinds.”

There was something like a sigh of relief from the listeners as Mr Richmond reached this point. But it died away as he proceeded.

“In his choice of an investment for his capital Mr Cruden consulted no one, I believe, beyond himself. For some time it seemed a fortunate investment, and the shares rose in value, but latterly they took a turn for the worse, and early this year I am sorry to say one of the railways suspended payment altogether, and Mr Cruden lost a considerable portion of his fortune thereby.”

“I heard my husband say some months ago that he had made some slight loss in the City,” said Mrs Cruden, “but I imagined from the light manner in which he treated it that it was quite trifling, and would be quickly repaired.”

“He did hope that would be the case. Although all his friends urged him to sell out at once, he insisted on holding on, in the hope of the railway recovering itself.”

“And has it recovered?” asked Mrs Cruden, with a tremble in her voice.

“I regret to say it has not, Mrs Cruden. On the contrary, it was declared bankrupt a few days ago, and what is still more deplorable, it has involved in its own ruin the other railway in which the remainder of your husband’s property was invested, so that all the shares which stand in his name in both concerns are now worth no more than the paper they are printed on.”

Mr Richmond came to the point at last with startling abruptness, so much so that for a moment or two his listeners sat almost petrified by the bad news, and unable to say a word. The lawyer finished what he had to say without waiting.

“Your husband heard this lamentable news, Mrs Cruden, on the occasion of his last visit to the City. The only call he made that day was at his banker’s, where he was told all, and there is no reason to doubt that the shock produced the stroke from which he died.”

“Mr Richmond,” said Mrs Cruden, after a while, like one in a dream, “can this be true? What does it all mean?”

“Alas! madam,” said the lawyer, “it would be no kindness on my part to deny the truth of what I have told you. It means that unless you or your late husband are possessed of some means of income of which I know nothing, your circumstances are reduced to a very low point.”

“But there must be some mistake,” said Horace. “Both railways can’t have gone wrong; we shall surely save something?”

“I wish I could hold out any hope. I have all the documents at my office, and shall be only too glad, Mrs Cruden, to accompany you to the bank for your own satisfaction.”

Mrs Cruden shuddered and struggled bravely to keep down the rising tears. A long pause ensued, every moment of which made the terrible truth clearer to all three of the hearers, and closed every loophole of hope.

“What can be done?” said Horace at last.

“Happily there is Garden Vale,” said Reginald, and there was a choking in the throat of the heir as he spoke; “we shall have to sell it.”

“The contents of it, you will, Master Cruden,” said the lawyer; “the estate itself is held on lease.”

“Well, the contents of it,” said Reginald, bitterly; “you are not going to make out they don’t belong to us?”

“Certainly not,” said Mr Richmond, on whom the taunt was quite lost; “unless, as I trust is not the case, your father died in debt.”

“Do you mean to say,” said Horace, slowly, like one waking from a dream, “do you mean to say we are ruined, Mr Richmond?”

“I fear it is so,” said the lawyer, “unless Mr Cruden was possessed of some means of income with which I was not acquainted. I regret very much, Mrs Cruden, having to be the bearer of such bad news, and I can only say the respect I had for your late husband will make any assistance I can offer you, by way of advice or otherwise, a pleasure.” And Mr Richmond bowed himself out of the room with a smile.

It was a relief to be left alone, and Mrs Cruden, despite her weakness and misery, struggled hard for the sake of her boys to put a brave face on their trouble.

“Reg, dear,” said she to her eldest