“I tried to argue with him on those lines, sir,” Harrison replied.  “I am sorry to say I found him obdurate.”

“He can be replaced, I suppose?” Phipps shrugged his shoulders.

“With some difficulty, sir,” Harrison felt compelled to admit.  “There is, as I dare say you are aware, sir, a certain feeling against us in the various Exchanges.  The best men are warned against accepting employment with us.”

“We pay higher salaries than any one else in the trade.”

“The business methods of the company towards its employees,” the manager acknowledged, “have always been excellent.  Still, there is a feeling.”

The chairman of the B. & I. sighed.

“We will pursue the subject later, Harrison,” he said.  “In the meantime, promote some one else on the staff, if necessary.  Do your best to fill Roberts’ place adequately.”

“Very good, sir.”

Dredlinton lounged into the office a few minutes later.  Phipps welcomed him without any particular enthusiasm, but promptly dismissed the typist to whom he had been dictating.

“It happens that you are just the man I want to see,” he declared.  “Sit down.”

Dredlinton sank a little wearily into an easy-chair, after a glance of disappointment at the retreating figure.

“Can’t think why you always have such damned ugly girls about you, Phipps,” he yawned.  “Gives me the creeps to look at them.”

Peter Phipps smiled as he drew a box of cigars from his desk.

“Then I will tell you the reason, my friend,” he said.  “For pleasure there is no one who appreciates beauty more than I do.  For business I have a similar passion for efficiency.  The two are never confused in my mind.”

“Regular paragon, aren’t you!” Dredlinton murmured.  “Why did you want to see me, by the by?”

“What happened last night?” Phipps asked a little abruptly.

“I obeyed orders,” Dredlinton told him.  “I told her ladyship that I should be home to dinner and probably bring some friends.  I was a little late but she waited.”

Phipps smiled maliciously.

“She didn’t dine with Wingate, then, or go to the theatre?”

“She did not,” Dredlinton replied.  “I put the kibosh on it, according to orders.”

Peter Phipps pushed the cigars across the desk towards his companion.

“Try one of these before you enter upon the labours of the day,” he invited, “and just see what you think of these figures.”

Dredlinton glanced at the papers carelessly at first and then with genuine interest.  They were certainly sufficiently surprising to rouse him for a moment from his apathy.

“Marvellous!” he exclaimed.