'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.'