I am going to offer you a premium on the top of that, say one million, six hundred thousand dollars at today's rate of exchange." "For trading purposes between Japan and China," Wingate reflected.
"That is the scheme," Phipps assented.
Wingate indulged in a few moments' reflection.

He had no particular interest in the Universal Steamship Company--a company trading between San Francisco and Japan--and from all that he could remember of their position and prospects, the price was a generous one.

Nevertheless, he was conscious of a curious disinclination to part with his shares.

The very fact that he knew he was being watched with a certain amount of anxiety stiffened his impulse to retain them.
"A very fair offer, Mr.Phipps, I have no doubt," he said at last.

"On the other hand, I am not a seller." "Not a seller?
Not at a quarter premium ?" "Nor a half," Wingate replied, "nor, as a matter of fact, a hundred per cent.premium.You see, I don't trust you, Phipps.