But how ridiculous it made my idea seem of watching them go up and down!
How blank life became again!
And now what I dreaded most of all has happened. I have received a "Progress Report" from the mine. It gives the "total footage" for the month, special reference being made to "cross-cutting, winzing, and sinking." The amount of "tons crushed" is announced. There is serious talk of "ore" being "extracted"; indeed there has already been a most alarming "yield in fine gold." In short, it can no longer be hushed up that the property may at any moment be "placed on a dividend-paying basis."
Probably I shall be getting a safe five per cent!
"Dash it all," as I said to my solicitor this morning, "I might just as well have bought a rotten mortgage."
THE FINANCIER. II
(_Eighteen months later_)
It is nearly two years ago that I began speculating in West African mines. You may remember what a stir my entry into the financial world created; how Sir Isaac Isaacstein went mad and shot himself; how Sir Samuel Samuelstein went mad and shot his typist; and how Sir Moses Mosestein went mad and shot his typewriter, permanently damaging the letter "s." There was panic in the City on that February day in 1912 when I bought Jaguars and set the market rocking.
I bought Jaguars partly for the rise and partly for the thrill. In describing my speculation to you eighteen months ago I dwelt chiefly on the thrill part; I alleged that I wanted to see them go up and down. It would have been more accurate to have said that I wanted to see them go up. It was because I was sure they were going up that, with the united support of my solicitor, my stockbroker, my land agent, my doctor, my architect and my vicar (most of them hired for the occasion), I bought fifty shares in the Jaguar mine of West Africa.
When I bought Jaguars they were at 1--1-1/16. This means that---- No, on second thoughts I won"t. There was a time when, in the pride of my new knowledge, I should have insisted on explaining to you what it meant, but I am getting _blase_ now; besides, you probably know. It is enough that I bought them, and bought them on the distinct understanding from my financial adviser that by the end of the month they would be up to 2.
In that case I should have made rather more than forty pounds in a few days, simply by a.s.sembling together my solicitor, stockbroker, land-agent, etc., etc., in London, and without going to West Africa at all. A wonderful thought.
At the end of a month Jaguars were steady at 1-1/16; and I had received a report from the mine to the effect that down below they were simply hacking gold out as fast as they could hack, and up at the top were very busy rinsing and washing and sponging and drying it. The next month the situation was the same: Jaguars in London very steady at 1-1/16, Jaguar diggers in West Africa very steady at gold-digging. And at the end of the third month I realized not only that I was not going to have any thrills at all, but (even worse) that I was not going to make any money at all. I had been deceived.
That was where, eighteen months ago, I left the story of my City life. A good deal has happened since then; as a result of which I am once more eagerly watching the price of Jaguars.
A month or two after I had written about them, Jaguars began to go down.
They did it (as they have done everything since I have known them) stupidly. If they had dropped in a single night to 3/4, I should at least have had my thrill. I should have suffered in a single night the loss of some pounds, and I could have borne it dramatically; either with the sternness of the silent Saxon, or else with the volubility of the volatile--I can"t think of anybody beginning with a "V." But, alas!
Jaguars never dropped at all. They subsided. They subsided slowly back to 1--so slowly that you could hardly observe them going. A week later they were 63/64, which, of course, is practically the same as 1. A month afterwards they were 31/32, and it is a debatable point whether that is less or more than 63/64. Anyhow, by the time I had worked it out and decided that it was slightly less, they were at 61/64, and one had the same trouble all over again. At 61/64 I left them for a time; and when I next read the financial column they were at 15/16, which still seemed to be fairly near to 1. And even when at last, after many months, I found them down to 7/8 I was not seriously alarmed, but felt that it was due to some little local trouble (as that the manager had fallen down the main shaft and was preventing the gold being shot out properly), and that, when the obstruction had been removed, Jaguars would go up to 1 again.
But they didn"t. They continued to subside. When they had subsided to 1/2 I woke up. My dream of financial glory was over. I had lost my money and my faith in the City; well, let them go. With an effort I washed Jaguars out of my mind. Henceforward they were nothing to me.
And then, months after, Andrew came on the scene. At lunch one day he happened to mention that he had been talking to his broker.
"Do you often talk to your broker?" I asked in admiration. It sounded so magnificent.
"Often."
"I haven"t got a broker to talk to. When you next chat to yours, I wish you"d lead the conversation round to Jaguars and see what he says."
"Why, have you got some?"
"Yes, but they"re no good. Have a cigarette, won"t you?"
Next morning to my amazement I got a telegram from Andrew. "Can get you ten shillings for Jaguars. Wire if you will sell, and how many."
It was really a shock to me. When I had asked Andrew to mention Jaguars to his broker it was solely in the hope of hearing some humorous City comment on their futility--one of those crisp jests for which the Stock Exchange is famous. I had no idea that his broker might like to buy them from me.
I wired back: "Sell fifty, quick."
Next day he told me he had sold them.
"That"s all right," I said cheerfully; "they"re his. He can watch them go up and down. When do I get my twenty-five pounds?" To save twenty-five pounds from the wreck was wonderful.
"Not for a month; and, of course, you don"t deliver the shares till then."
"What do you mean, "deliver the shares"?" I asked in alarm. "I haven"t got the gold-mine here; it"s in Africa or somewhere. Must I go out and----"
"But you"ve got a certificate for them."
My heart sank.
"Have I?" I whispered. "Good Lord, I wonder where it is."
I went home and looked. I looked for two days; I searched drawers and desks and letter-books and safes and ice-tanks and trouser-presses--every place in which a certificate might hide. It was no good. I went back to Andrew. I was calm.
"About these Jaguars," I said casually. "I don"t quite understand my position. What have I promised to do? And can they put me in prison if I don"t do it?"
"You"ve promised to sell fifty Jaguars to a man called Stevens by the middle of next month. That"s all."
"I see," I said, and I went home again.
And I suppose you see too. I"ve got to sell fifty Jaguars to a man called Stevens by the middle of next month. Although I really have fifty fully matured ones of my own, there"s nothing to prove it, and they are so suspicious in the City that they will never take my bare word. So I shall have to buy fifty new Jaguars for this man called Stevens--and buy them by the middle of next month.
And this is why I am still eagerly watching the price of Jaguars.
Yesterday they were 5/8. I am hoping that by the middle of next month they will be down to 1/2 again. But I find it difficult to remember sometimes which way I want them to go. This afternoon, for instance, when I saw they had risen to 11/16 I was quite excited for a moment; I went out and bought some cigars on the strength of it. Then I remembered; and I came home and almost decided to sell the pianola. It is very confusing. You must see how very confusing it is.
THE DOUBLE
I was having lunch in one of those places where you stand and eat sandwiches until you are tired, and then try to count up how many you have had. As the charm of these sandwiches is that they all taste exactly alike, it is difficult to recall each individual as it went down; one feels, too, after the last sandwich, that one"s mind would more willingly dwell upon other matters. Personally I detest the whole business--the place, the sandwiches, the method of scoring--but it is convenient and quick, and I cannot keep away. On this afternoon I was giving the _foie gras_ plate a turn. I know a man who will never touch _foie gras_ because of the cruelty involved in the preparation of it. I excuse myself on the ground that my own sufferings in eating these sandwiches are much greater than those of any goose in providing them.
There was a grey-haired man in the corner who kept looking at me. I seemed to myself to be behaving with sufficient propriety, and there was nothing in my clothes or appearance to invite comment; for in the working quarter of London a high standard of beauty is not insisted upon. On the next occasion when I caught his eye I frowned at him, and a moment later I found myself trying to stare him down. After two minutes it was I who retired in confusion to my gla.s.s.
As I prepared to go--for to be watched at meals makes me nervous, and leads me sometimes to eat the card with "Foie Gras" on it in mistake for the sandwich--he came up to me and raised his hat.
"You must excuse me, sir, for staring at you," he said, "but has any one ever told you that you are exactly like A. E. Barrett?"
I drew myself up and rested my left hand lightly on my hip. I thought he said David Garrick.
"The very image of him," he went on, "when first I met him."
Something told me that in spite of his grey hair he was not talking of David Garrick after all.
"Like _who?_" I said in some disappointment.