operations are conducted on that principle. We are prepared to make advances, on good security of course, of time to almost any amount; and we are simply overwhelmed with applications for loans. Business men, as you may know, are perpetually pressed for time, and will consent to almost anything to obtain it. Our transactions in time, sir, are immense. Why, the amount of Time passing through our books annually during the last ten years, averages—ah! about sixty centuries! That's pretty well, I think, sir?"

He was so perfectly business-like and serious that Peter almost forgot to see anything preposterous in what he said.

"It sounds magnificent," he said politely; "only, you see, I don't want to borrow any time myself. I've too much on my hands already."

"Just so," said the Manager; "but if you will kindly hear me out, I am coming to that. Lending time is only one side of our business; we are also ready to accept the charge of any spare time that customers may be willing to deposit with us, and, with our experience and facilities, I need hardly say that we are able to employ it to the best advantage. Now, say, for example, that you wish to open an account with us. Well, we'll take these spare half-hours of yours that are only an encumbrance to you at present, and if you choose to allow them to remain on deposit, they will carry interest at five per cent. per month; that is, five minutes on every hour and three-quarters, roughly, for each month, until you withdraw them. In that way alone, by merely leaving your time with us for six months you will gain—now, let me see—over three additional hours in compound interest on your original capital of ten hours or so. And no previous notice required before withdrawal! Let me tell you, sir, you will not find many banks do business on such terms as that!"

"No," said Peter, who could not follow all this arithmetic, "so I should imagine. Only, I don't quite see, if you will pardon my saying so, what particular advantage I should gain if I did open an account of this sort."

"You don't? You surprise me, you really do. Here are you, with these additional hours lying idle on your hands: you didn't expect 'em, and don't want 'em. But how do you know that you mayn't be glad of 'em at some time or other? Just think how grateful you might be hereafter, if you could get back a single one of these half-hours which you find so tedious now. Half-an-hour on board a fine ship like this, splendid weather, bracing sea-air, perfect rest, pleasant company, and so on—why, you'd be willing to pay any money for it! Well, bank your extra time; and you can draw every individual hour in quarters, halves, or wholes, when you please and as you please. That's the advantage of it, sir!"

"I think I see," said Peter: "only, how am I to make the deposit in the first instance?"

"That's easily arranged. The captain can't compel you to accept the time now by merely putting back the hands of the clock, can he? So, all you have to do is to abstain from altering your watch so long as you are on board, and to fill up a little form; after which I shall be happy to supply you with a book of Time Cheques, which you can fill up and present whenever you wish to spend a given number of minutes in the pleasantest possible of ways."

"But where am I to present these cheques?" inquired Peter.

"Oh!" said the Manager, "there will be no difficulty whatever about that. Any clock will cash it for you—provided, of course, that it hasn't stopped. You merely have to slip your cheque underneath or behind it, and you will at once be paid whatever amount of time the cheque is drawn for. I can show you one of our forms if you like?"

Here he brought out a bulky leather case, from which he extracted a printed document, which he handed to Peter.

Peter, however, being naturally cautious, felt a hesitation which he scarcely liked to confess.

"You see," he said, "the fact is, I should like to know first ... I've never been engaged in a—a transaction of this kind before; and, well—what I mean is, do I incur any risk of—er—a supernatural character?... It isn't like that business of Faust's, eh, don't you know?"

The Manager took back the paper with an abruptness which showed that his temper was ruffled by this suspicion.

"My good sir!" he said, with a short offended laugh, "don't, on any account, imagine that I care two pins whether you become a depositor or not. I daresay our house will continue to exist without your account. As for liability, ours is a limited concern; and, besides, a deposit would not constitute you a shareholder. If you meant anything more—well, I have still to learn that there's anything diabolical about me, sir! I simply thought I was doing you a good turn by making the suggestion; and, besides, as a business man, I never neglect any opportunity, however small. But it's entirely as you please, I'm sure."

There was nothing in the least demoniacal, even in his annoyance, and Peter was moved to contrition and apology.

"I—I really beg your pardon!" he said. "I do hope I haven't offended you; and, if you will allow me, I shall consider it a personal favour to be allowed to open an account with your bank. It would certainty be a great convenience to draw some of this superfluous time at some future day, instead of wasting it now. Where do I sign the form?"

The Manager was appeased; and produced the form once more, indicating the place for the signature, and even providing a stylograph-pen for the purpose. It was still somewhat of a relief to Peter's mind to find that the ink it contained was of the ordinary black hue.

"And now, about cheques," said his friend, after the signature had been obtained. "How many do you think you would require? I should say that, as the deposit is rather small, you will find fifty more than sufficient? We shall debit you with fifty seconds to cover the cheque-book. And we always recommend 'bearer' cheques as, on the whole, more convenient."

Peter said he would have fifty "bearer" cheques, and was accordingly given an oblong grey-green book, which, except that it was a trifle smaller, was in nowise different, outwardly, from an ordinary cheque-book. Still, his curiosity was not completely satisfied.

"There is just one question more," he said. "When I draw this time, where will it be spent?"

"Why, naturally, on board this ship," explained the Manager. "You see that the time you will get must necessarily be the extra time to which you are entitled by virtue of your passage, and which you would have spent as it accrued if you had not chosen to deposit it with us. By the way, when you are filling up cheques, we much prefer not to be called upon to honour drafts for less than fifteen minutes; as much more as you like, but not less. Well, then, we may consider that settled. I am extremely glad to have had the opportunity of obliging you; and I think I can promise that you will have no reason to repent of having made such a use of your time. I'll wish you good-bye for the present, sir!"

The Manager resumed his hygienic tramp round the deck, leaving Peter with the cheque-book in his hand. He was no longer surprised: now that he was more familiar with the idea, it seemed a perfectly natural and matter-of-fact arrangement; he only wondered that he had never thought of so obvious a plan before. And it was an immense relief to know that he had got rid of his extra hours for the present, at all events, and that he could now postpone them to a period at which they would be a boon rather than a burden.

And very soon he put the cheque-book away, and forgot