It was two or three days after the news of this reached London that Macalister came into the tavern in Beak Street and announced joyfully that things were looking brighter on the Stock Exchange.  Peace was in sight, Roberts would march into Pretoria within a few weeks, and shares were going up already.  There was bound to be a boom.

“Now’s the time to come in,” he told Philip.  “It’s no good waiting till the public gets on to it.  It’s now or never.”

He had inside information.  The manager of a mine in South Africa had cabled to the senior partner of his firm that the plant was uninjured.  They would start working again as soon as possible.  It wasn’t a speculation, it was an investment.  To show how good a thing the senior partner thought it Macalister told Philip that he had bought five hundred shares for both his sisters:  he never put them into anything that wasn’t as safe as the Bank of England.

“I’m going to put my shirt on it myself,” he said.

The shares were two and an eighth to a quarter.  He advised Philip not to be greedy, but to be satisfied with a ten-shilling rise.  He was buying three hundred for himself and suggested that Philip should do the same.  He would hold them and sell when he thought fit.  Philip had great faith in him, partly because he was a Scotsman and therefore by nature cautious, and partly because he had been right before.  He jumped at the suggestion.

“I daresay we shall be able to sell before the account,” said Macalister, “but if not, I’ll arrange to carry them over for you.”

It seemed a capital system to Philip.  You held on till you got your profit, and you never even had to put your hand in your pocket.  He began to watch the Stock Exchange columns of the paper with new interest.  Next day everything was up a little, and Macalister wrote to say that he had had to pay two and a quarter for the shares.  He said that the market was firm.  But in a day or two there was a set-back.  The news that came from South Africa was less reassuring, and Philip with anxiety saw that his shares had fallen to two; but Macalister was optimistic, the Boers couldn’t hold out much longer, and he was willing to bet a top-hat that Roberts would march into Johannesburg before the middle of April.  At the account Philip had to pay out nearly forty pounds.  It worried him considerably, but he felt that the only course was to hold on:  in his circumstances the loss was too great for him to pocket.  For two or three weeks nothing happened; the Boers would not understand that they were beaten and nothing remained for them but to surrender:  in fact they had one or two small successes, and Philip’s shares fell half a crown more.  It became evident that the war was not finished.  There was a lot of selling.  When Macalister saw Philip he was pessimistic.

“I’m not sure if the best thing wouldn’t be to cut the loss.  I’ve been paying out about as much as I want to in differences.”