Suspicion and surmise clogged Soames’ thinking apparatus. Was this young fellow speaking the truth? A man like Elderson—the risk was monstrous! And, if true, what was the directors’ responsibility? But proof—proof? He stared at the young man, who looked upset and pale enough, but whose eyes did not waver. Shake him if he could! And he said sharply:

“Now mind what you’re saying! This is most serious!”

“I know that, sir. If I’d consulted my own interest, I’d never have come here. I’m not a sneak.”

The words rang true, but Soames did not drop his caution.

“Ever had any trouble in the office?”

“No, sir, you can make enquiry. I’ve nothing against Mr. Elderson, and he’s nothing against me.”

Soames thought suddenly: ‘Good heavens! He’s shifted it on to me, and in the presence of a witness! And I supplied the witness!’

“Have you any reason to suppose,” he said, “that they became aware of your being there?”

“They couldn’t have, I think.”

The implications of this news seemed every second more alarming. It was as if Fate, kept at bay all his life by clever wrist-work, had suddenly slipped a thrust under his guard. No good to get rattled, however—must think it out at leisure!

“Are you prepared, if necessary, to repeat this to the Board?”

The young man pressed his hands together.

“Well, sir, I’d much rather have held my tongue; but if you decide it’s got to be taken up, I suppose I must go through with it now. I’m sure I hope you’ll decide to leave it alone; perhaps it isn’t true—only why didn’t Mr. Elderson say: ‘You ruddy liar!’?”

Exactly! Why didn’t he? Soames gave a grunt of intense discomfort.

“Anything more?” he said.

“No, sir.”

“Very well. You’ve not told anyone?”

“No, sir.”

“Then don’t, and leave it to me.”

“I’ll be only too happy to, sir. Good-morning!”

“Good-morning!”

No—very bad morning! No satisfaction whatever in this sudden fulfilment of his prophetic feeling about Elderson. None!

“What d’you think of that young fellow, Gradman? Is he lying?”

Thus summoned, as it were, from stupor, Gradman thoughtfully rubbed a nose both thick and shining.

“It’s one word against another, Mr. Soames, unless you get more evidence. But I can’t see what the young man has to gain by it.”

“Nor I; but you never know. The trouble will be to get more evidence. Can I act without it?”

“It’s delicate,” said Gradman. And Soames knew that he was thrown back on himself. When Gradman said a thing was delicate, it meant that it was the sort of matter on which he was accustomed to wait for orders—presumptuous even to hold opinion! But had he got one? Well, one would never know! The old chap would sit and rub his nose over it till Kingdom Come.

“I shan’t act in a hurry,” he said, almost angrily: “I can’t see to the end of this.”

Every hour confirmed that statement. At lunch the tape of his city club showed the mark still falling—to unheard-of depths! How they could talk of golf, with this business on his mind, he could not imagine!

“I must go and see that fellow,” he said to himself. “I shall be guarded. He may throw some light.” He waited until three o’clock and repaired to the P. P. R. S.

Reaching the office, he sought the Board room. The chairman was there in conference with the manager. Soames sat down quietly to listen; and while he listened he watched that fellow’s face. It told him nothing. What nonsense people talked when they said you could tell character from faces! Only a perfect idiot’s face could be read like that. And here was a man of experience and culture, one who knew every rope of business life and polite society. The hairless, neat features exhibited no more concern than the natural mortification of one whose policy had met with such a nasty knock. The drop of the mark had already wiped out any possible profit on the next half-year. Unless the wretched thing recovered, they would be carrying a practically dead load of German insurance. Really it was criminal that no limit of liability had been fixed! How on earth could he ever have overlooked that when he came on the Board? But he had only known of it afterwards. And who could have foreseen anything so mad as this Ruhr business, or realised the slack confidence of his colleagues in this confounded fellow? The words “gross negligence” appeared ‘close up’ before his eyes. What if an action lay against the Board! Gross negligence! At his age and with his reputation! Why! The thing was plain as a pikestaff; for omitting a limit of liability this chap had got his commission! Ten per cent, probably, on all that business—he must have netted thousands! A man must be in Queer Street indeed to take a risk like that! But conscious that his fancy was running on, Soames rose, and turned his back. The action suggested another. Simulate anger, draw some sign from that fellow’s self-control! He turned again, and said pettishly: “What on earth were you about, Mr. Manager, when you allowed these contracts to go through without limit of liability? A man of your experience! What was your motive?”

A slight narrowing of the eyes, a slight compression of the lips. He had relied on the word ‘motive,’ but the fellow passed it by.

“For such high premiums as we have been getting, Mr. Forsyte, a limited liability was not possible. This is a most outrageous development, and I’m afraid it must be considered just bad luck.”

“Unfortunately,” said Soames, “there’s no such thing as luck in properly regulated assurance, as we shall find, or I’m much mistaken. I shouldn’t be surprised if an action lay against the Board for gross negligence!”

That had got the chairman’s goat!—Got his goat? What expressions they used nowadays! Or did it mean the opposite? One never knew! But as for Elderson—he seemed to Soames to be merely counterfeiting a certain flusteration. Futile to attempt to spring anything out of a chap like that. If the thing were true, the fellow must be entirely desperate, prepared for anything and everything. And since from Soames the desperate side of life—the real holes, the impossible positions which demand a gambler’s throw—had always been carefully barred by the habits of a prudent nature, he found it now impossible to imagine Elderson’s state of mind, or his line of conduct if he were guilty. For all he could tell, the chap might be carrying poison about with him; might be sitting on a revolver like a fellow on the film. The whole thing was too unpleasant, too worrying for words. And without saying any more he went away, taking nothing with him but the knowledge that their total liability on this German business, with the mark valueless, was over two hundred thousand pounds. He hastily reviewed the fortunes of his co-directors. Old Fontenoy was always in low water; the chairman a dark horse; Mont was in land, land right down in value, and mortgaged at that; old Cosey Mothergill had nothing but his name and his director’s fees; Meyricke must have a large income, but light come, light go, like most of those big counsel with irons in many fires and the certainty of a judgeship. Not a really substantial man among the lot, except himself! He ploughed his way along, head down. Public companies! Preposterous system! You had to trust somebody, and there you were! It was appalling!

“Balloons, sir—beautiful colours, five feet circumference. Take one, gentleman!”

“Good gad!” said Soames. As if the pricked bubble of German business were not enough!