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He had got hold of a little money; he had conceived a project for making more. When the progress of their eating and drinking cleared the way for confidential disclosures, Morphew began to hint at his scheme. 'You've heard me speak of Denbow? This was a man who had given him lessons in photography; a dealer in photographic apparatus, with a shop in Westminster Bridge Road.

'You're in with a queer lot of people, it seems to me. 'Oh, Denbow is all but a gentleman, I assure you. He was educated at Charterhouse, but made a fool of himself, I believe, in the common way. But about his business. I've seen a good deal of it, going in and out, and talking with them, and I know as much about photography as most amateurs you'll admit that, Rolfe?

If I come over in the morning, will you take me to the place, and let me look over it with you, and see both Denbow and the shopman? 'Of course I will! said Morphew delightedly. 'It's all aboveboard. There's a devilish good business to be made; it depends only on the man. Why, Denbow has made as much as two hundred in a year out of printing for amateurs alone.

Now, how am I to get two or three hundred honestly? I think Denbow would take less than he says for cash down. But the stock, I guarantee, is worth two hundred. 'You have the first offer? 'Till day after tomorrow Monday. 'Tomorrow's Sunday that's awkward. Never mind.

Doesn't it come to that? 'No doubt. What does Denbow ask? 'For the stock, two hundred pounds; shop-fittings, fifty; business as it stands, say three hundred. The rent is ninety-five. Floor above the shop let to a family, who pay twenty-four shillings a week a substantial set-off against the rent; but I should like to get rid of the people, and use the whole house for business purposes.

Denbow has been coming down the hill; he's stopped himself only just in time. When I first knew him he was doing reasonably well. It's a good position for that kind of shop.

He's been at the shop three or four years, and would be only too glad to carry on the business, but he can't raise money, and Denbow must have cash down. Now the fact is, I want to buy that business myself. 'I see. What does the man ask for it? Morphew fidgeted a little. 'Well, just at present there isn't much stock nothing like what there ought to be.

It's his own fault that he didn't keep it up. I swear, Rolfe, that with capital and hard work and acuteness, that place can be made the establishment of the kind south of the Thames. Why, there's no reason why one shouldn't net a thousand a year in a very short time. 'Is Denbow willing to exhibit his books? 'Of course he is. I've seen them.