‘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 L106,000.  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 would be relieved of all your present risks.’