It had already struck midnight half an hour ago when Jack entered. He looked worried and tired, and by the light of a match for his cigarette, which he lit as he crossed the room to where Toby was sitting, the lines round his eyes, noticed and kindly commiserated a few months before by Ted Comber, seemed deeper and more harshly cut. He threw himself into a chair by Toby.

"Drink?" asked the other.

"No, thanks."

Toby was silent a moment.

"I'm devilish sorry for you, Jack," he said at length. "But I see by the paper that it is all over."

"Yes; they finished with me this afternoon. Alington will have another week of it. Jove! Toby, for all his sleekness and hymn-singing, he is an iron fellow! He's got some fresh scheme on hand, and he's going about it with all his old quiet energy, and asked me to join him; but I told him I'd had enough of directorships. But there's a strong man for you! He is knocked flat, he picks himself up and goes straight on."

He picked up the paper, and turned to the money-market.

"And here's the cruel part of it all," he said, "for both of us: Carmel is up to four pounds again. If they had only given him another month, he would have been as rich as ever, instead of having to declare bankruptcy; and I—well, I should have had a pound or two more. Lord! on what small things life depends!"

Toby was silent.