ing upon Alfred that what he did for him he did for Lily's sake, and for Lily's sake only.

'If it were not for her, my boy,' he said, 'I think I should close on you; for after all, business is business.'

Alfred listened, white and trembling.

'For God's sake,' he said to Lily one day, when David Sheldrake had retired offended at her coldness; the man of the world had been more than usually pressing in his attentions, and Lily had shrunk from them, for God's sake, Lily, don't offend him! You don't know how good he is; you don't know what a friend he is to me. If it was not for him, I should

Lily's eyes, fixed in alarm upon his face, stopped him, and he broke off with,

'I am the most miserable wretch in the world! There never was anybody half so miserable or half so unfortunate as I am! There's only one girl in the world who loves me-and that's Lizzie. My own sister, that I would lay down my life for, turns against me.'

Lily's grief may be imagined. Turn against him! Against the dearest brother that sister ever had! How could she prove the sincerity of her love for him, she asked.

'By being kind to Mr. Sheldrake,' Alfred answered sullenly; his fears blinded him to the unselfishness of her affection, blinded him to results.

Thus it came about that, on the next occasion Lily and Mr. Sheldrake met, Lily acted a part, and Mr. Sheldrake's wound was healed. Lily received her reward; Alfred kissed her and embraced her, and called her the dearest sister! She found consolation in his bright manner; and although she shed many tears she was careful that Alfred should not witness her pain.

CHAPTER XXXI.

THE SWINDLE WHICH THE LAW PROTECTS KNOWN BY THE TITLE OF

DISCRETIONARY INVESTMENTS.

ALL Mr. David Sheldrake's calculations were conducted in such a manner as to cause Number One to eclipse all other figures, single or in combination. Number One was the only figure in which he took a real interest; the other figures could take care of themselves. He made it his business to look after the humblest of them all, and it is but a fair tribute to his genius to state that he made Number One a brilliant success. It has been shown how cheaply he bought the reputation of being Alfred's sincerest and most generous friend, and how he received back through his agent Con Staveley all the money he lent to Alfred; and in common justice it must be shown how he made Ivy Cottage

the cottage which, out of ostensibly benevolent motives, he had taken for Mr. Musgrave and Lizzie

-one of the most profitable speculations in which he had ever invested.

With his eye ever on the main chance (which may be briefly described as Number One, surrounded by a glory) Ivy Cottage became, under his instructions, the secret centre of a system known among sporting men as Discretionary Investments, one of the shallowest swindles of the day, and yet one which has been successful in emptying the purses of greedy gulls and filling the purses of needy sharks. No money was received in Ivy Cottage, as in the event of discovery the law could punish the receivers. But it being a peculiarity of the British law that in so far as it affects racing matters a man may pick his neighbour's pocket in Scotland, but must not do so in England, a garret was taken in Glas

gow, and thither Con Staveley bent his steps to perform his part in the Discretionary Investment scheme -which consisted in receiving and pocketing the money of the gulls. Innocent readers who are not acquainted with these matters may doubt the statement that a man may rob in Scotland with impunity; but it really is the plain sober truth, and it is a proof that what is known as the British Constitution is after all but a patched and ragged garment, and that notwithstanding its patches it has many a rent in it, which the law (having, as I have said before, a squint in its eye) cannot or will not see. A day before the Millennium it may make up its mind to catch a glimpse of these rents, through which rogues laugh and snap their fingers in the faces of their dupes.

As it was necessary that the operations should be conducted in secrecy, Ivy Cottage, very soon after its new tenancy, had in it a Blue Beard's room, to which neither Lizzie nor any of her friends had the right of entry. The only persons who ever entered it were Mr. Musgrave and Mr. Sheldrake. There the announcements of the new scheme of Discretionary Investments were prepared and launched upon the world in the names of Messrs. Montague and D'Arcy, Mr. Sheldrake knowing from profitable experience that high-sounding names were the best bait for gudgeons. Their first public announcement led the uninitiated to believe that the firm was an old one, that it had been established for many years; but we know differently. However, as there is absolutely no such thing as fair dealing among betting men, this was but of a piece with the rest of the machinery. The circular (of which a copy lies before the present writer) issued and advertised by the myths, Montague and D'Arcy, commenced by declar

ing in large letters that a certain fortune without the slightest risk was within the reach of the humblest, and that Messrs. Montague and D'Arcy had conferred an incalculable boon upon the public at large by reducing speculation on horse-racing to a means by which immense sums of money might be realised weekly by a small stake. Fortunes, said these public benefactors, were being daily realised by investing in accordance with their Marvellously Lucrative and Ever Triumphantly Successful Method of Turf Speculation. Many gentlemen who never backed a horse for a shilling held large stakes in the system, as the safety of capital, and the immense profits that were weekly realised and promptly paid, rendered it a perfect El Dorado to the fortunate investors. Many of the largest speculators now entirely confined their operations to Messrs. Montague and D'Arcy's Systematic Investments, and this fact alone should prove a sufficient inducement to those who hitherto have not speculated to join in realising the golden harvest. As, however, sceptics would always be found, these public benefactors offered to forward to those who doubted the most unexceptionable references-to noblemen, officers, gentlemen, and tradesmen-as to the marvellously successful nature of their system, which by its heavy and never-failing success had fairly eclipsed and distanced all other modes of speculation. It had the advantage of combining the two great desiderata of immense and ever-increasing profits, combined. with absolute and perfect security of capital.

Facts, however, spoke stronger than words, hence, in appending the following list of amounts won last season at a few of the principal meetings, the projectors were well satisfied to leave gentlemen to judge

During the whole of the season a loss never occurred. In indubitable proof of which Messrs. Montague and D'Arcy publicly expressed their willingness to forfeit the sum of 1000l. to any investing client at the above-named meetings who did not receive the amounts in full, as stated above, or in due proportion to the amount invested.

But, pleasant and profitable as were the results of last season's operations, by which men of the most moderate means had obtained affluence and wealth, the present campaign promised to throw those magnificent results in the shade. At Newmarket, for instance, the most extraordinary and almost marvellous success had attended their operations in the first three days, Tuesday, Wednesday, and Thursday. They had not had time to make out a careful statement, and could not do so till Saturday, as the meeting extended to Friday, but they roughly estimated up to Thursday night, each investor of

£500 had realised £7850!

To suit small speculators investments would be taken by Messrs. Montague and D'Arcy as low as five shillings, but the nobility could forward as high a stake as One Thousand pounds. At this point they stopped, for the line must be drawn somewhere. They would not take less than five shillings from each man of moderate means, more than One Thousand pounds from each nobleman.

nor

In conclusion, Messrs. Montague and D'Arcy announced themselves as members of all the Westend clubs (without mentioning names), and gave as their bankers the Royal Bank of Scotland, and as their address, the garret in Glasgow rented by Con Staveley, where clients could send cheques, postoffice orders, bank-notes, or postage stamps.

The advertisements and circulars contained a great deal more than is given above, and the most infamous artifices were used to fire the imagination of clerks and apprentices; for it was really from such unfortunates as these that Mr. Sheldrake and his confederate netted the greater part of their large gains. They pointed out how those who desired to speculate might commence in a small way, and creep up gradually, until they became wealthy; and many weak men and boys studied the figures, and borrowed, mortgaged, or stole, to make the venturewhich indeed was no venture, but a certainty; for it is needless to say that no penny of the money sent to the garret in Glasgow ever found its way back. To some extent, a semblance of fair dealing was kept up, and where Messrs. Montague and D'Arcy thought they saw a chance of the dupe being farther duped, they forwarded him a tabulated statement showing how his money had been invested upon the wrong horses, and how he was in their debt a trifling sum. This

statement was accompanied by a lithographed letter, detailing how all the race-meetings upon which the speculator had not invested had turned out marvellously profitable, and how the particular race-meeting upon which he had desired his money to be invested had 'for the first time during the past five consecutive seasons turned out a failure.' However, they consoled their unfortunate client with the assurance that at the race-meeting which would take place next week' winning was reduced to an absolute certainty,' and that as there was not the slightest chance of losing, they trusted that their client 'would take their advice, and invest 25%, 50%., or 100l., and realise a few thousands forthwith.' Remaining, his faithfully, Montague and D'Arcy. Of course, if more money were sent, it shared the fate of the first; and notwithstanding the groans and curses of those who were thus robbed in open daylight, the ball rolled on right merrily. No one knew that Messrs. Montague and D'Arcy were identical with David Sheldrake and Con Staveley. Their faces were never seen in the transactions, everything being conducted under seal, and no personal interviews on any consideration ever being allowed. And in the event of some irate clients making the name of the firm and their address notorious, it was the easiest thing in the world to change their names and take another garret, perhaps in Edinburgh this time instead of Glasgow. It is but fair to some of the sporting papers in which these lying advertisements were inserted for the trapping of apprentices and others, to state that in their Answers to Correspondents' such answers as these appeared week after week: An Anxious Inquirer. They are swindlers.' 'A. Z. You should not have trusted your money to them.' 'R. H. C. We

6

do not recommend Discretionary Investments.' Fair Play. You

have been swindled.' And many others to the same effect. But they continued to open their columns to the advertising cheats, who, without this means of publicity, would find their schemes fall comparatively fruitless to the ground.

Said Alfred to David Sheldrake, in the course of conversation, being artfully led to the subject:

"Those discretionary investments seem to be an easy way of making money. Did you see the advertisements of Montague and D'Arcy in the paper this morning?'

'No,' replied Mr. Sheldrake. Montague and D'Arcy! I fancy I have met a Mr. Montague at some of the meetings. If it is the same man, he bets and wins largely.'

'It must be the same,' cried Alfred. 'Look here,' pulling the paper out of his pocket, 'a 100/. stake realised 1300l. at Newmarket last week in three days.'

"That seems good enough, Alf,' was Mr. Sheldrake's comment..

'If I had 20%. or 30l.,' said Alfred, with an anxious look at Mr. Sheldrake

'You'd try your luck with them? Well, I see what you're driving at, Alf. I'll give you a cheque for 20l., made payable to them, and you can have a dive.'

'Ah, you are a friend! If I win, I shall be able to give you a good sum off what I owe you.'

'All right, my boy,' said Mr. Sheldrake heartily, and then drew the cheque and gave it to Alfred, and two days afterwards received it back from Con Staveley in Glasgow.

In this and other ways he drew the mesh round Lily's brother, until he had the infatuated gambler completely at his mercy.

CHAPTER XXXII.

THE POLISH JEW.

AREMARKABLE change had taken place in Mr. Musgrave, dating almost from the day on which he took possession of Ivy Cottage. Those who had known him when he lived in his garret and bought gin on the sly, and who knew him now, were amazed at the transformation; for it was nothing less. The vice that appeared to have been so bred in his bone as to be ineradicable had disappeared. He drank no more. Whether he considered it was due to his altered position, whether it was from gratitude or fear, or from whatever other unknown cause, it is certain that the respectable old man known now as Mr. Musgrave, and the disreputable tippler known some months since as old Muzzy, were distinctly different types. The change really commenced within the first fortnight of his residence in Ivy Cottage. Within this time, Lily and Alfred had come by invitation to take tea with Lizzie and to spend the evening with her. The young people were in good spirits, and Mr. Musgrave sat in his corner listening to their light-hearted chatting. In the course of the evening Lily sang two or three old-fashioned simple songs, and altogether the time was a happy one. Then Mr. Sheldrake dropped in, and what little part Mr. Musgrave had played in the proceedings was over from that moment. But when Lily and Alfred were going home, Mr. Musgrave, with hands that trembled from eagerness, held Lily's mantle for her, and pressed her hands, and said that she had made him young again, and that he had spent the happiest evening he had spent for years. He entreated her to come again, and to come often, and she said gaily she intended to, for Lizzie and she were sisters already. When they were

gone-Mr. Sheldrake accompanied Lily and Alfred home-Mr. Musgrave and Lizzie sat up for a little while talking, and he told her how pleased he was she had made such a friend. That night when he went to his bedroom, he took from a place of concealment two timehonoured friends-to wit, two flat bottles, in which he used to carry away his gin from the public-houses. With these under his arm he stole down to the garden, and hurled them over the wall as far as his strength would allow him, thus bidding good-bye to them. On that night, before he retired to rest, he knelt by his bedside for the first time for many, many years, and thought, if he did not say, a prayer.

Mr. Sheldrake noticed the change in him, and commented on it.

'Why, Muzzy,' he said, 'you have grown quite respectable.'

'I hope it does not displease you, sir,' was Mr. Musgrave's reply.

'No, indeed,' said Mr. Sheldrake; 'it is a compliment to me, for I think I have had something to do with it.'

'Yes, sir, you have.'

'And you will be the better able to attend to the business.'

'You shall have no cause to complain of my want of attention, sir.'

Mr. Sheldrake clapped him on the shoulder.

'Never too late to mend, eh, old man?'

'I hope not, sir.'

And yet it is to be doubted whether Mr. Sheldrake was quite pleased at this remarkable change in his servant. He liked to hold a power over a man, and if that power sprung from a man's weakness, or even vice, he was all the more gratified, so long as it did not affect him. But, however, there it was. There was no doubt that Mr. Musgrave was endeavouring to become a respectable member of so