“They promise some valuable concessions.”

He paused and said deliberately: “If you’ll take my advice, it is—don’t.”

“Why?”

“It’s too risky.”

“You’ve another reason. What is it?”

He shook his head. “You don’t understand Balkan politics.”

“You mean your government are against the loan?”

“Servia might buy arms, or build railways with the money—neither course to our interests, you know.”

“A bit rough on Servia, isn’t it?”

“We have to think of ourselves, you see. Besides, it isn’t safe for a little country like that to develop too quickly. There’s Russia, too. Two big powers, both closely concerned. Take my advice—don’t.”