paid—I would have reduced my debt to fifty
pounds, I should then be paying at the rate of
forty-eight pounds per annum for fifty pounds
—or within a fraction of a hundred per cent—
while for the last month I should be paying
interest at the rate of forty-eight pounds per
annum for the loan of twenty-five pounds, or
close upon two hundred per cent. With terms
like these no wonder that the Loan Society could
afford to do "risky business;" which, in my
own case, having the further security of my
furniture, I could not see was so very
dangerous.

To conclude a loan on these terms appeared
to me little short of madness, to say nothing of
the moral dishonesty of giving a Bill of Sale upon
what I had not paid for. I must, however, do
the secretary the justice to say that he did not
press me to close with his terms. He was polite
to the last, even when he could plainly see that I
did not intend going through with the business.
We had a long conversation upon loans and
loan societies. He told me that the losses of
the office were rather over than under one
hundred pounds a week, but, notwithstanding
this, the net profits upon their paid-up capital
was more than seventy-five per cent per annum.
The names of the directors as well as of the
shareholders, he said, were known only to
themselves, but even the latter did not exceed a dozen
in number. The loans they made generally
exceeded two thousand pounds a week. They never
asked for references, and kept everything
perfectly private respecting loans made to
individuals. They never discounted bills, nor would
they lend upon the personal security of other
parties. Their business was, he repeated, very
risky, but it was certainly profitable. We
parted excellent friends, I merely saying that I
would think over the proposition, and give him
an answer in a day or two. Of course I never
intended to move further in the affair, and he
plainly saw that such was my determination.
But I had nothing to complain of. If the terms
asked for the loan were nigh, the lenders had
a perfect right to ask their own conditions.
They had not asked me for a shilling in the way
of "inquiry fees," or office expenses, and—
had I chosen to give the interest they asked—
I believe that the money would have been
promptly paid.

Failing to obtain the money I wanted in the
East, I tried the West-end of London. This
time I applied to a gentleman who advertised as
being willing to "ADVANCE MONEY IN TOWN OR
COUNTRY AT FIVE PER CENT, UPON PERSONAL OR
OTHER SECURITY, PROM ONE HUNDRED TO ONE
THOUSAND POUNDS." His office was in a street
off the Strand, and, on calling there, I was
requested to wait a short time, as Mr. Watson
was particularly engaged. Beggars must not
be choosers, nor must borrowers be fastidious. I
therefore said I should be happy to wait in the
outer office, and was offered the advertisement
sheet of the Times, with which to amuse
myself until the great man was ready to see
me.

I had had plenty of time to read all the births,
marriages, and deaths, announced in the leading
journal to speculate upon all the mysterious
advertisements in the second column, in which
E. A. M. is entreated to write to his afflicted wife,
and J. S. Q. is requested to return home to his
disconsolate family and to wonder who were the
extra-honest persons that sent halves of
five-pound notes to Mr. Gladstone in payment of
over-due income tax—long before it was
intimated to me that Mr. Watson could see me.
At last I was shown into his sanctum, and was
received by an elderly gentleman, with a
remarkably unpleasant expression of countenance,
and whose large white whiskers formed a curious
contrast to his fawn-coloured wig. After a few
preliminary remarks, I mentioned my proposed
loan, upon which the old gentleman seemed
quite surprised, as if it could ever enter into
the mind of any man to visit him for the
purpose of getting money. He hummed and
hawed, said money was very difficult indeed to
be had just at present, and ended by asking me
what amount I required, and what security I
proposed to offer.

I replied that, seeing by his advertisement he
advanced money at five per cent, I had called
upon him. That I wanted a hundred pounds,
repayable by monthly instalments of five pounds.
That I would deposit in his hands shares in a
certain company representing two hundred
pounds when taken at par, put which were
likely soon to be at a premium, and that I
would, moreover, give him the security of a
friend, who guaranteed that, in the event of
any instalment not being paid, he would pay
the amount.

Mr. Watson made a note of all I said, and
informed me that, before he could take any steps
whatever in the matter, I must pay an inquiry
fee of two guineas, which would not be returned
in the event of my loan not being carried out.
This I agreed to, and at once paid the money,
being told to call again in three days, when a
reply would be given me.

I did call again in three days, and was told
that Mr. Watson was out, and would not be
back for some hours. I called twenty-four hours
later, and found he was most particularly
engaged. I wrote a somewhat indignant letter,
and received no reply. I wrote a second time,
and met with the same result. I called once
more, and after waiting a considerable time—on
this occasion the amusement provided for me
was the advertisement sheet of the Daily
Telegraph—was shown, into the money-lender's
private office only to be received by him
standing, and to be told that my proposition
for a loan could not be entertained. I
believe that man, like many others of his
fraternity in London, never lent money, nor
indeed had any to lend, but that he lived upon
the inquiry fees which were paid by persons
who, like myself, attempted to borrow money
from him.

My time was running short. Between the
loan office and Mr. Watson seven days had been