such as no bank-manager, probably, ever enjoyed or held before. In fact, he was so trusted that he was, to all intents and purposes, the Market Milcaster Banking Company; in other words he was allowed full control over everything, and given full licence to do what he liked. Whether the directors were wise in extending such liberty to even the most trusted servant, it was not for him (Mr. Stephens) to say; it was some consolation, under the circumstances, to know that the loss would fall upon the directors, inasmuch as they themselves held nearly the whole of the shares. But he had to speak of the loss—of the serious defalcations which Maitland had committed. The prisoner had wisely pleaded guilty to the first count of the indictment. But there were no less than seventeen counts in the indictment. He had pleaded guilty to embezzling a sum of £4,875 odd. But the total amount of the defalcations, comprised in the seventeen counts, was no less—it seemed a most amazing sum!—than £221,573 8s. 6d. There was the fact—the banking company had been robbed of over two hundred thousand pounds by the prisoner in the dock before a mere accident, the most trifling chance, had revealed to the astounded directors that he was robbing them at all. And the most serious feature of the whole case was that not one penny of this money had been, or ever could be, recovered. He believed that the prisoner's learned counsel was about to urge upon the Court that the prisoner himself had been tricked and deceived by another man, unfortunately not before the Court—a man, he understood, also well known in Market Mil-
