within the compass of four floors, a basement, and a sub-basement. Above, were five floors of furnished and unfurnished flats. 'Will people of wealth consent to live over a shop?' he had asked himself in considering the possibilities of his palace, and he had replied, 'Yes, if the shop is large enough and the rents are high enough.' He was right. His flats were the most sumptuous and the most preposterously expensive in London; and they were never tenantless. One man paid two thousand a year for a furnished suite. But what a furnished suite! The flats had a separate and spectacular entrance on the eastern façade of the building, with a foyer that was always brilliantly lighted, and elevators that rose and sank without intermission day or night. And on the ninth floor was a special restaurant, with prices to match the rents, and a roof garden, where one of Hugo's orchestras played every fine summer evening, except Sundays. (The County Council, mistrusting this aerial combination of music and moonbeams, had granted its license only on the condition that customers should have one night in which to recover from the doubtful influences of the other six.) The restaurant and the roof-garden were a resort excessively fashionable during the season. The garden gave an excellent view of the dome, where Hugo lived. But few persons knew that he lived there; in some matters he was very secretive.

That very sultry morning Hugo brooded over the face of his establishment like a spirit doomed to perpetual motion. For more than two hours he threaded ceaselessly the long galleries where the usual daily crowds of customers, sales-people, shopwalkers, inspectors, sub-managers, managers, and private detectives of both sexes, moved with a strange and unaccustomed languor in a drowsy atmosphere which no system of ventilation could keep below 75° Fahrenheit. None but the chiefs of departments had the right to address him as he passed; such was the rule. He deviated into the counting-house, where two hundred typewriters made their music, and into the annexe containing the stables and coach-houses, where scores of vans and automobiles, and those elegant coupés gratuitously provided by Hugo for the use of important clients, were continually arriving and leaving. Then he returned to the purchasing multitudes, and plunged therein as into a sea. At intervals a customer, recognising him, would nudge a friend, and point eagerly.

'That's Hugo. See him, in the gray suit?'

'What? That chap?'

And they would both probably remark at lunch: 'I saw Hugo himself to-day at Hugo's.'

He took an oath in his secret heart that he would not go near Department 42, the only department which had the slightest interest for him. He knew that he could not be too discreet. And yet eventually, without knowing how or why, he perceived of a sudden that his legs carried him thither. He stopped, at a loss what to do, and then, by the direct interposition of kindly Fate, a manager spoke to him.... He gazed out of the corner of his eye. Yes, she was there. He could see her through a half-drawn portière in one of the trying-on rooms. She was sitting limp on a chair, overcome by the tropic warmth of Sloane Street, with her noble head thrown back, her fine eyes half shut, and her beautiful hands lying slackly on her black apron.

What an impeachment of civilization that a creature so fair and so divine should be forced to such a martyrdom! He desired ardently to run to her and to set her free for the day, for the whole summer, and on full wages. He wondered if he could trust the manager with instructions to alleviate her lot.... The next instant she sprang up, giving the indispensable smile of welcome to some customer who had evidently entered the trying-on room from the other side. The phenomenon distressed him. She disappeared from view behind the portière, and reappeared, but only for a moment, talking to a foppish old man with a white moustache. It was Senior Polycarp, the lawyer.

Hugo flushed, and, abandoning the manager in the middle of a sentence, fled to his central office. He had no confidence in his self-command.... Could this be jealousy? Was it possible that he, Hugo, should be so far gone? Nay!

But what was Polycarp, that old and desiccated widower, doing in the millinery department?

He said he must form some definite plan, and begin by giving her a private room.

CHAPTER III

HUGO EXPLAINS HIMSELF

'And what,' asked Hugo, smiling faintly at Mr. Senior Polycarp—'what is your client's idea of price?'

For half an hour they had been talking in the luxurious calm of Hugo's central office, which was like an island refuge in the middle of that tossing ocean of business. It overlooked the court of fountains from the second story, and the highest jet of water threw a few jewelled drops to the level of its windows.

Mr. Polycarp stroked his beautiful white moustache.

'We would give,' he said in his mincing, passionless voice, 'the cost price of premises, stock, and fixtures, and for goodwill seven times your net annual profits. In addition, we should be anxious to secure your services as managing director for ten years at five thousand a year, plus a percentage of profits.'

'Hum!'

'And, of course, if you wished part of the purchase-money in shares—'

'Have you formed any sort of estimate of my annual profits?' Hugo demanded.

'Yes—a sort of estimate.'

'You have looked carefully round, eh?'

'My clients have. I myself, too, a little. This morning, for example. Very healthy, Mr. Hugo.'

'What departments did you visit this morning? Each has its busy days.'

'Grocery, electrical, and—let me see—yes, furniture.'

'Not a good day for that—too hot! Anything else?'

'No,' said Mr. Polycarp.

'Ah!... Well, and what is your clients' estimate?'

'Naturally, I cannot pretend—'

'Listen, Mr. Polycarp,' said Hugo, interrupting: 'I will be open with you.'

The lawyer nodded, appreciatively benign. As usual, he kept his thoughts to himself, but he had the air of adding Hugo to the vast collection of human curiosities which he had made during a prolonged professional career.

'My net trading profits last year were £106,000. You are surprised?'

'Somewhat.'

'You expected a higher figure?'

'We did.'

'I knew it. And the figure might be higher if I chose. Only I do things in rather a royal way, you see. I pay my staff five hundred a week more than I need. And I allow myself to be cheated.' He laughed suddenly. 'Costume department, for instance. I send charming costumes out on approval, and fetch them back in two days. And the pretty girls who have taken off the tickets, and worn the garments, and carefully restored the tickets, and lied to my carmen—the pretty girls imagine they have deceived me. They have merely amused me. My detective reports are excellent reading. And, moreover, I like to think that I have helped a pretty girl to make the best of herself.'

'Immoral and unbusinesslike, Mr. Hugo.'

'Admitted. I have no doubt that if I put the screw on all round I could quite justifiably increase my profits by fifty per cent.'

'That shows what a splendid prospect a limited company would have.'

'Yes, doesn't it?' said Hugo joyously.

'But why are your clients so anxious to turn me into a limited company?'

'They see in your undertaking,' replied Polycarp, folding his thin hands, 'a legitimate opening for that joint-stock enterprise which has had such a beneficial effect on England's prosperity.'

'They would make a profit?'

'A reasonable profit. A small syndicate would be formed to buy from you, and that syndicate would sell to a public company. The usual thing.'

'And where do I come in?'

'Where do you come in, my dear Mr. Hugo? Everywhere! You would receive over a million in cash. You would have your salary and your percentage, and you