‘Very interesting,’ said the lawyer.

‘Mr. Polycarp,’ Hugo announced solemnly, ’the direction of this establishment is my life.  In the midst of this lovely and interesting organism I enjoy every hour of the day.  What else can I want?’

Polycarp raised his eyebrows.

’Do you suppose it would add to my fun to have a million in the bank—­I, with an income of two thousand a week?  Do you suppose I should find it diverting to be at the beck and call of a board of directors—­I, the supreme fount of authority?  Do you suppose it would be my delight to consider eternally the interests of a pack of shareholders—­I, who consider nothing but my fancy?  And, finally, do you suppose it would amuse me, Hugo, to have “limited” put after my name?  Me, limited!’

‘Then,’ said the lawyer slowly, ’I am to understand you are not willing—­’

‘My friend,’ Hugo replied, dropping into his chair, ’I would sooner see the whole blessed place fall like the Bastille than see it “limited."’

Polycarp rose in his turn.

‘My clients,’ he remarked in a peculiar tone, ’had set their minds on this affair.’

‘For once in a way your clients will be disappointed,’ said Hugo.

‘What do you mean—­“for once in a way"?’

‘Who are your clients, Mr. Polycarp?’

’Since the offer is rejected, it would be useless to divulge their names.’

‘I will tell you, then,’ said Hugo.  ’Your client—­for there is only one—­is Louis Ravengar.  I saw it stated in a paper the other day that Louis Ravengar had successfully floated thirty-nine companies with a total capitalization of thirty millions.  But my scalp will not be added to his collection.’

‘I shall not disclose the identity of my clients,’ Mr. Polycarp minced.  ’But, speaking of Mr. Ravengar, I have noticed that what he wants he gets.  The manner in which the United Coal Company, Limited, was brought to flotation by him in the teeth of the opposition of the proprietors was really most interesting.’

’You mean to warn me that there are ways of compelling a private concern to become public and joint-stock?’

’Not at all, Mr. Hugo.  I am incapable of such a hint.  I am sure that nothing and nobody could force you against your will.  I was only mentioning the case of the Coal Company.  I could mention others.’

’Don’t trouble, my dear sir.  Convey my decision to Louis Ravengar, and give him my compliments.  We are old acquaintances.’

‘You are?’ The solicitor seemed astonished in his imperturbable way.

‘We are.’

‘I will convey your decision to my clients.’

Accepting a cigar, Mr. Polycarp departed.

Without giving himself time to think, Hugo went straight to Department 42, and direct to the artist in hats.  She stood pale and deferential to receive him.  The heat was worse than ever.

‘Your name is Payne, I think?’ he began. (He well knew her name was Payne.)