"Gentlemen, I have had you called together thus hurriedly, because I thought it only right that you should hear the fact from my own lips that I am intending shortly to resign my position here as manager."

A half-suppressed murmur of regret went round the assembled clerks, which was, however, allowed to pass unnoticed, as, scarcely able to restrain the tears which filled his eyes, and in an all but inaudible voice, he continued—

"Yes; after serving the firm for upwards of fifty years, it is with their approval that I shall in six months retire, and endeavour to take life a little easier. I have to thank you all for the assistance you have always rendered me; and, in bidding you farewell, I propose to introduce you to my successor, who is now here with a letter of introduction from Broadstone."

Only half realising what they had just heard, one or two managed to give expression to their sincere regret at the intelligence so abruptly conveyed, together with the earnest hope that he would long live to enjoy the rest and ease he was looking forward to, and had so well earned, when they were again left alone to separate, and speculate upon what had been so suddenly communicated.

On returning to the office in which he had left his visitor, all traces of the emotion so recently evinced had disappeared from Mr. Houghton's face, and he proceeded to discuss the situation, and to unfold the working of the business with his usual calmness and clearness.

But the contemplated interview with the employés of the establishment was for the present declined by his visitor, under the pretence that, being so new to everything and everybody, he was not quite prepared for such an ordeal as that would seem to involve. On taking his leave, soon after, it was with the promise that he would pay a further visit very shortly.

The news, which spread throughout the "house," created no little consternation; whilst everywhere and by everyone it was received with the most unqualified expressions of regret, Mr. Houghton being a man held in universal esteem by all who knew him.

As opportunity offered, throughout the remainder of the day, little groups were to be observed in the various departments, discussing the pros and cons of an event which might mean so much to all in the employ of the firm.

Roberts, who had been a servant for a long series of years, and occupied a position second only to that held by Mr. Houghton, was very decided in the expression of his views in a conversation subsequently held with Arnold, who regarded himself as an expert in his own particular department.

"I don't believe," said Roberts, "that this so-called retirement is the voluntary act of Mr. Houghton."