"I have been ill, you know," Sir William said nervously, "I have not been able to look into or understand anything. I have not been out of the house yet. I could not go to the City or do any business."

"Yes, I see that," said Pateley, "and I am sorry to be obliged to thrust a business discussion upon you now----"

Sir William looked up at him quickly, anxiously.

"But the fact is, at this moment the business won't wait. If you remember, when the 'Equator' Company was first started, I, like many others, invested in it, having asked your opinion of it first, and having heard from you that you were going to be the Chairman of the Board of Directors."

"I believed in it, you know," Sir William said, with eagerness; "I put a lot of money into it myself."

"I know you did, yes," said Pateley, "but _you_ fortunately had a lot to do it with, and also a lot of money to keep out of it. Every one is not so happily situated. I blame myself, I need not say, acutely, as well as others." And as Sir William looked at him sitting there in his relentless strength, he felt that there was small mercy to be expected at his hands.

"I don't know," Sir William said, trying to speak with dignity, "that I was to blame. I believed in it, as others did."

"No doubt," Pateley said. "But I am afraid that will hardly be a satisfactory explanation for the shareholders. The shares at this moment are absolutely worthless."

"But what can I do?" said Sir William. "What would you have me do?"

"It seems to me there is a rather obvious thing to be done," said Pateley. "It is to help to make good the losses of the people who, through you, will be"--and he paused--"ruined."

"Ruined!" Sir William repeated, "No, no--it cannot be as bad as that. It is terrible," he muttered to himself. "It is terrible."

"Yes, it is terrible," said Pateley, "and even something uglier."

"But," Sir William said miserably, "I don't know that I can be blamed for it. Anderson, who is absolutely honest, reported on the thing, and believed in it to the extent of spending all he had in getting the rights to work it."

"That is possible," Pateley said, "but Anderson was not the chairman of the company. You are."

"Worse luck," Sir William said bitterly.

"Yes, worse luck," Pateley said. "Your name up to now has been an honourable one." Sir William started and looked at him again. "I am afraid," Pateley went on, "after this it may have," and he spoke as if weighing his words, "a different reputation."

Sir William cleared his throat and spoke with an effort.

"Pateley," he said, "you won't let _that_ happen? You will make it clear...? You have influence in the Press----"

"I am afraid," Pateley said, "that my influence, such as it is, must on this occasion be exerted the other way. Of course there is a good deal at stake for me here," he went on, in a matter of fact tone which carried more conviction than an outburst of emotion would have done. "I care for my sisters, and I am afraid I can't sit down and see them--swindled, or something very like it."

"Not, swindled!" said Gore angrily.

"Well," Pateley said, "that is really what it looks like to the outsider, and that is what, as a matter of fact, it comes to."

"Heaven knows I would make it right if I could," said Sir William, "but how can I?"

"Well, of course, on occasions of this kind," Pateley said, still in the same everyday manner, as though judicially dealing with a fact which did not specially concern him, "it is sometimes done by the simple process of the person responsible for the losses making them good--making rest.i.tution, in fact."

"I have told you," said Sir William, "that I'm afraid that is impossible."

"Ah then, I am sorry," Pateley said, in the tone of one determining, as Sir William dimly felt, on some course of action. "I thought some possible course might have suggested itself to you."

"No, I can suggest nothing," Sir William said, leaning back in his chair, and feeling that neither mind nor body could respond at that moment to anything that called for fresh initiative.

"I thought that you might have other possibilities on the Stock Exchange even," said Pateley, "though I must say I don't see in what direction.

There is bound to be a panic the moment war is declared."

There was a pause. Sir William lay back in his chair looking vaguely in front of him. Pateley sat waiting. Then Gore felt a strange flutter at his heart as the full bearing of Pateley's last sentence dawned upon him.

"Supposing," he said, trying to speak steadily, "there were no war?"

"That is hardly worth discussing," said Pateley briefly, as he got up.

"War, I am afraid, is practically certain. Then do I understand, Sir William," he continued, "that you can do nothing to help me in this matter? If so, I am sorry. I had hoped I might have spared you some discomfort, but since you can do nothing----" He broke off and looked quickly out of the window, then said in explanation, "It is only a hansom stopping next door; I thought it might be Rendel coming back. But I was mistaken."

Sir William realised that every instant was precious.

"Pateley," he said, "look here. If you could wait a day or two longer...."

"Do you mean," said Pateley, "that if I were to wait there would be a chance of your being able to do something?"

"I don't know," said Sir William, "I am not sure, but there might be a turn in public affairs; the panic might be over, there might be a chance of peace."

"If that is all," Pateley said quite definitely, "I am afraid that prospect is not enough to build upon. I can't afford to wait on that security."

Sir William got up and spoke quickly with a visible effort.

"Look here, listen... I have a reason for thinking that is the way things may be turning."

"A reason?" said Pateley, turning round upon him.

"Yes," said Sir William.

"What is it?" said Pateley.

Sir William felt his courage failing him in the desperate game he had begun to play. It was no good pausing now. He stood facing Pateley, holding a folded paper in his hand, no longer hidden by the newspaper which had slid from his grasp on to the ground. He looked at the paper in his hand mechanically. Mechanically Pateley's eye followed his. The conviction suddenly came to him that Gore was not speaking at random.

"Sir William," he said, "time presses," and unconsciously they both looked towards the window into the street. At any moment Rendel might draw up again. "If you have any reason for what you are saying, tell me--if not, I must leave you to see what can be done."

"I have a reason," said Sir William, "the strongest, for believing that there will be peace."

Pateley looked at him. "Give me a proof?" he said, with the accent of a man who is wasting no words, no intentions.

Sir William's hand tightened over the paper. "If I gave you a proof," he said, "would you swear not to take any proceedings against the 'Equator'

Company?"

"If you gave me a proof, yes--I would swear," said Pateley.

"And you will keep the things out of the papers," Sir William went on hurriedly, "till I have had time to see my way?"

"Yes," said Pateley again.