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Once capable of accommodating nearly ninety thousand spectators, it had, in succession, been turned into a fortress in the middle ages, and then into a stone-quarry to furnish material for the palaces of degenerate Roman princes. Some of the popes had occupied it as a woollen-mill, some as a saltpetre factory; some had planned the conversion of its magnificent arcades into shops for tradesmen.

The chances were, it was said, that had the first company succeeded with the woollen-mill it might have fallen into the same hands, and as far as the general property of the town was concerned, it might as well have been Jacob Holt's hands as others'. But those who had lost, or who fancied they had lost, by his part in these two transactions, were watchful and suspicious of his movements when once more the wise men of Gershom began to see visions of what might be done by the combined powers of the Beaver River, the enterprise of the people, and the use of a moderate amount of capital to advance the prosperity of their town.

He wondered what could be afoot. While he was thus engaged he observed a small, dark, wiry man emerging upon the bluff from the direction of the woollen-mill at its eastern base. The stranger made straight for the gate. "You can't go in there," said the soldier, "unless you have a pass." "Da w'at?" asked the stranger.

Then he bounded away, fled swiftly past a narrow beach where swimming-clubs have their houses, and disappeared in the ruins of a large old building that lay at the foot of a sandy bluff on the water's edge. He was trailed a short distance within the ruins by a thin stream of blood which he left, and there he was lost. It was supposed that he had escaped to the old woollen-mill on Black Point.

The name Kaiapoi belongs to a pretty little country town, noted for its woollen-mill, about the most flourishing of the colony. Kapiti, Rauparaha's stronghold, is just being reserved by the Government as an asylum for certain native birds, which stoats and weasels threaten to extirpate in the North Island.

De Pauw thought it was worth that. "Very well; you can save it for that much money." De Pauw promptly paid the cash. "Now," said Morgan, "do you think your woollen-mill worth three thousand dollars?" "Yes," said De Pauw, with more hesitation. "You can buy it from us for that sum."

"Well, Phon, when you vote as you drink voting the Democratic ticket you'll vote for a popocratic tax on corporations that will make your woollen-mill look sick. And that's only one thing!" "I know what I will do," insisted the rebel. The Duke took him by his two shoulders. "So do I," he returned.

Once at least it was attributed by some of the disappointed towns-people to the obstinacy and avarice of Jacob Holt. The old woollen-mill built by Gershom Holt in the early days of the settlement had served a good purpose in the country for a good many years. But it was time now, it was thought, for the work to be carried on in Gershom on a larger scale.

Their ideas had still advanced with the times. Their plans were not limited to a woollen-mill now. Machine shops of all sorts, a match factory, furniture-shops, even a cotton factory was spoken of. Indeed, there were no limits to the manufacturing possibilities of the place, as far as talk went.

Toward Ariel's own house they sped with the stricken octogenarian, for he was "alone in the world," and she would not take him to the cottage where he had lived for many years by himself, a bleak little house, a derelict of the "early days" left stranded far down in the town between a woollen-mill and the water-works.