vast business. Little wonder that those who had an eye to the future bent over their ledgers and worked with a vigour calculated to attract the attention of the junior partner, and to impress him with a due sense of their enthusiastic regard for the interests of the firm.

It was speedily apparent, however, that the young gentleman's estimate of their services was not entirely based upon their present performance. With his eyes still fixed upon the almanac and a sardonic smile upon his dark face, he uttered a single word—

"Parker!"

A flaxen-haired clerk, perched at the further end of the high glistening desk, gave a violent start, and looked up with a scared face.

"Well, Parker, who won?" asked the junior partner.

"Won, sir!" the youth stammered.

"Yes, who won?" repeated his employer.

"I hardly understand you, sir," the clerk said, growing very red and confused.

"Oh yes, you do, Parker," young Girdlestone remarked, tapping his almanac sharply with the paper-knife. "You were playing odd man out with Robson and Perkins when I came in from lunch. As I presume you were at it all the time I was away, I have a natural curiosity to know who won."

The three unhappy clerks fixed their eyes upon their ledgers to avoid the sarcastic gaze of their employer. He went on in the same quiet tones—

"You gentlemen draw about thirty shillings a week from the firm. I believe I am right in my figures, Mr. Gilray?" addressing the senior clerk seated at the high solitary desk apart from the others. "Yes, I thought so. Now, odd man out is, no doubt, a very harmless and fascinating game, but you can hardly expect us to encourage it so far as to pay so much an hour for the privilege of having it played in our counting-house. I shall therefore recommend my father to deduct five shillings from the sum which each of you will receive upon Saturday. That will cover the time which you have devoted to your own amusements during the week."

He paused, and the three culprits were beginning to cool down and congratulate themselves, when he began again.

"You will see, Mr. Gilray, that this deduction is made," he said, "and at the same time I beg that you will deduct ten shillings from your own salary, since, as senior clerk, the responsibility of keeping order in this room in the absence of your employers rests with you, and you appear to have neglected it. I trust you will look to this, Mr. Gilray."

"Yes, sir," the senior clerk answered meekly. He was an elderly man with a large family, and the lost ten shillings would make a difference to the Sunday dinner. There was nothing for it but to bow to the inevitable, and his little pinched face assumed an expression of gentle resignation. How to keep his ten young subordinates in order, however, was a problem which vexed him sorely.

The junior partner was silent, and the remaining clerks were working uneasily, not exactly knowing whether they might not presently be included in the indictment. Their fears were terminated, however, by the sharp sound of a table-gong and the appearance of a boy with the announcement that Mr. Girdlestone would like a moment's conversation with Mr. Ezra. The latter gave a keen glance at his subjects and withdrew into the back office, a disappearance which was hailed by ten pens being thrown into the air and deftly caught again, while as many derisive and triumphant young men mocked at the imploring efforts of old Gilray in the interests of law and order.

The sanctum of Mr. John Girdlestone was approached by two doors, one of oak with ground-glass panels, and the other covered with green baize. The room itself was small, but lofty, and the walls were ornamented by numerous sections of ships stuck upon long flat boards, very much as the remains of fossil fish are exhibited in museums, together with maps, charts, photographs, and lists of sailings innumerable. Above the fire-place was a large water-colour painting of the barque Belinda as she appeared when on a reef to the north of Cape Palmas. An inscription beneath this work of art announced that it had been painted by the second officer and presented by him to the head of the firm. It was generally rumoured that the merchants had lost heavily over this disaster, and there were some who quoted it as an instance of Girdlestone's habitual strength of mind that he should decorate his wall with so melancholy a souvenir. This view of the matter did not appear to commend itself to a flippant member of Lloyd's agency, who contrived to intimate, by a dexterous use of his left eyelid and right forefinger, that the vessel may not have been so much under-insured, nor the loss to the firm so enormous as was commonly reported.

John Girdlestone, as he sat at his square office-table waiting for his son, was undeniably a remarkable-looking man. For good or for evil no weak character lay beneath that hard angular face, with the strongly marked features and deep-set eyes. He was clean shaven, save for an iron-grey fringe of ragged whisker under each ear, which blended with the grizzled hair above. So self-contained, hard-set, and immutable was his expression that it was impossible to read anything from it except sternness and resolution, qualities which are as likely to be associated with the highest natures as with the most dangerous. It may have been on account of this ambiguity of expression that the world's estimate of the old merchant was a very varying one. He was known to be a fanatic in religion, a purist in morals, and a man of the strictest commercial integrity. Yet there were some few who looked askance at him, and none, save one, who could apply the word "friend" to him.

He rose and stood with his back to the fire-place as his son entered. He was so tall that he towered above the younger man, but the latter's square and compact frame made him, apart from the difference of age, the stronger man.

The young man had dropped the air of sarcasm which he found was most effective with the clerks, and had resumed his natural manner, which was harsh and brusque.

"What's up!" he asked, dropping back into a chair, and jingling the loose coins in his trouser pockets.

"I have had news of the Black Eagle," his father answered. "She is reported from Madeira."

"Ah!" cried the junior partner eagerly. "What luck?"

"She is full, or nearly so, according to Captain Hamilton Miggs' report."

"I wonder Miggs was able to send a report at all, and I wonder still more that you should put any faith in it," his son said impatiently. "The fellow is never sober."

"Miggs is a good seaman, and popular on the coast. He may indulge at times, but we all have our failings. Here is the list as vouched for by our agent. 'Six hundred barrels of palm oil'—"

"Oil is down to-day," the other interrupted.

"It will rise before the Black Eagle arrives," the merchant rejoined confidently. "Then he has palm nuts in bulk, gum, ebony, skins, cochineal, and ivory."

The young man gave a whistle of satisfaction. "Not bad for old Miggs!" he said. "Ivory is at a fancy figure."

"We are sorely in need of a few good voyages," Girdlestone remarked, "for things have been very slack of late. There is one very sad piece of intelligence here which takes away the satisfaction which we might otherwise feel. Three of the crew have died of fever. He does not mention the names."

"The devil!" said Ezra. "We know very well what that means. Three women, each with an armful of brats, besieging the office and clamouring for a pension. Why are seamen such improvident