A stern-looking man, not given to making many friends, yet there was a kindly heart beneath a severe exterior. The manager of a great concern, he was admirably suited to the position, accustomed to handle and make decisions promptly, no shilly-shallying or "wait and see"

about his actions. Very few people were aware he possessed unique opportunities of getting behind the scenes, learning government moves, acquiring knowledge beforehand which was advantageous in his dealings.

Information had recently come to him from a valued and trusted correspondent in Germany, and he was considering how best to use it to the advantage of the firm. The heavy taxes on the brewers. .h.i.t Chesney's hard, but they were able to stand them better than most firms; still he knew there must be a considerable diminution in dividends, consequently in Alan Chesney's income.

It irritated him when he thought how careless the head of the firm was in money matters. Alan appeared to regard the brewery as a huge concern from which he could drain money as freely as beer ran into the casks. He made up his mind to talk seriously to Alan; he had a high opinion of his judgment and intelligence when he cared to exert those qualities. He expected him to arrive in half an hour and knew what to expect. Alan would rush up in his motor, say he had only a few minutes to spare, then dash off again as he arrived--in a hurry.

The head of the firm was always in a hurry; never seemed to have a minute to spare; the "racing rush" took hold of him. Duncan Fraser smiled grimly as he thought how Alan careered about the country in pursuit of his favorite pastime.

"Here he is," said Duncan, as he heard the powerful motor stop, and thud.

Alan came into the room in a hurry. He was not in the best of humors; why the deuce couldn't Fraser manage without dragging him there? He had carte blanche as to how he should act.

"Suppose you'll not keep me long," said Alan impatiently.

"Longer than usual," was the reply.

"Hang it all, I want to go to the races this afternoon. You must cut it short, please, Fraser."

"This is more important than racing; I have just received some valuable information from Berlin."

Alan became interested.

"Berlin!" he exclaimed. "What's up there?"

"War; it will break out before long."

"Who is your informant?"

Fraser handed him the letter.

"Read that," he said.

Alan did so.

"By Jove!" he exclaimed. "This looks serious. Can you rely upon it?"

"Yes," said Fraser, with a characteristic snap of his firm lips.

Alan put the letter down and a gloomy look settled on his face.

"War," he said, "and I'll be out of it, confound the thing! I'm sorry I don't hold a commission."

"I am not. You can't be in the army and look after things here," said Fraser.

"You look after them. It's no use trying to convince me I'm necessary to the existence of the firm, because I'm not; I haven't the governor's capacity for business," said Alan.

"I don't know so much about that; you've never been properly tested."

Alan laughed.

"And have no desire to be," he said.

"I have drawn up some figures; they are formidable. If you agree to my plans, and war breaks out, we shall save hundreds of thousands of pounds. It means a tremendous outlay, but it's worth it; just go into this, I'll be back in half an hour," said Fraser, as he placed some long sheets on the table.

"I'm no hand at figures," said Alan.

"You'll see the force of these in five minutes," said Fraser.

"Then why give me half an hour?"

"Because I want you to thoroughly master them; I can't undertake the responsibility alone."

"Would you undertake it if you owned the brewery?"

"Yes."

"That's enough for me, but I'll go into them to satisfy you."

"And yourself, you'll be more than satisfied," said Fraser as he left the room.

Alan became interested in the figures, which related to the buying of barley, hops, and a variety of brewing necessaries.

"What a grasp of figures he has!" muttered Alan. "Convincing too; I can see it plain enough. Hundreds of thousands saved; he's right--if there's war."

That was the main point--war; and all depended on the information Duncan Fraser had received from his correspondent in Berlin. He was still studying the papers, making pencil notes, when Fraser entered the room. The manager smiled as he saw him.

"You're a wonderful man," said Alan, looking up.

Fraser shook his head.

"You're wrong; there's nothing wonderful about me. I'm a fair business man, I look ahead, and I know my own mind once I see things clearly.

How does it work out?" he asked.

"It's splendid, the outlay is enormous, it will be perfectly justified if war breaks out; everything will rise rapidly, and there'll be a tremendous taxation," said Alan.

"What would you advise?" asked Fraser.

"Risk it and buy as you suggest," said Alan.

"There is no risk if you allude to war; it's bound to come. Do you know there are thousands of German spies in this country? There are two or three here in the firm, and they've got to go," said Fraser.

Alan laughed.

"You'll make a clean sweep of them?" he said.

"Yes, and no delay about it. There's----" and he mentioned the names.

"Are you of my opinion?"

"Yes; you must give them some reason, they work well."