“But you have no money to invest,” Mrs. Osborn insisted anxiously.

“As a matter of fact, I have some.  You see, I borrowed a sum not long since on Ryecote.”

“Oh!” said Mrs. Osborn, with a resigned gesture, and then braced herself.  “But if you have got the money, it ought not to be used for speculation.  There is much that needs to be done on the estate.”

“That is so; it was my reason for borrowing.  All the same, it would be a very long time before I got back what I meant to spend on drains and steadings.  Besides, the repairs and improvements need not be made just yet, and I might be able to use the money and earn a good profit first.”

“You might lose it all,” Mrs. Osborn insisted.  “Gerald is rash and business men don’t tell young bank-clerks important secrets.  Then, although it was a shock to hear you had mortgaged Ryecote, the money is so badly needed that it must not be risked.”  She paused and resumed with some color in her face, “It is hard to own, but perhaps Gerald is not altogether to be trusted.”

Osborn moved abruptly.  His wife had touched the doubt that made him hesitate; in fact, this was a matter upon which he wanted her advice.  She knew her son and had judged right when Osborn had been deceived.

“Well,” he said, knitting his brows, “I haven’t quite decided.  I had thought about asking for particulars, but after all Gerald’s hint may not be worth much and unless one is really well informed speculation is dangerous.”

He looked round and saw Thorn.  The latter had come up without disturbing the group and now joined them with a smile.

“I heard your last remark,” he said.  “My opinion is your views are sound.  It is very rash to speculate on shares you don’t know much about.”

Mrs. Osborn felt disturbed, because she wondered how much he had heard, but he went on carelessly:  “Gerald’s too young for one to trust his judgment.  My advice is, leave the thing alone.”

Grace gave him a grateful glance.  She did not like Alan Thorn, but he was cautious and she saw that Osborn was hesitating.  It would not need much persuasion to move him one way or the other, and she felt that to let Gerald have the money would be a dangerous mistake.

“You really think I had better keep out of it?” Osborn asked.

“Certainly,” said Thorn.  “Only a few of the big jobbers can form an accurate notion how prices ought to go.  For people like us speculation is a plunge in the dark.”

Osborn was silent for a few moments, but Grace saw that he was pulled in different ways by caution and greed.  Then, to her relief, he made a sign of agreement.

“Oh, well!  I’ll let the thing alone.”

Thorn sat down and when Mrs. Osborn had given him some tea they talked about other matters.  Presently Grace got up and he walked with her across the lawn.

“Were you satisfied with the advice I gave your father?” he asked.