"The real truth of the matter is," he said, "that you allow your money-market to become too sensitive an affair. A whisper will depress it. A threatening word spoken in the Reichstag or in the House of Parliament, magnified a hundred-fold before it reaches its destination, has sometimes a most unwarranted effect upon markets. You mustn't blame us so much, Mr. Draconmeyer. You jump at conclusions too easily in the city."

"Sound common sense," Mr. Draconmeyer agreed. "You are perfectly right when you say that we are over-sensitive. The banker deplores it as much as the politician. It's the money-kings, I suppose, who find it profitable."

They returned to their table a moment later. As he passed Douaille, Selingman whispered in his ear. Monsieur Douaille turned around at once and bowed to Simpson. As he caught the latter's eye he, too, left his place and came across. Mr. Simpson rose to his feet. The two men bowed formally before shaking hands.

"Monsieur Simpson," the Frenchman exclaimed, "it is a pleasure to find that I am remembered!"

"Without a doubt, monsieur," was the prompt reply. "Your last visit to London, on the occasion when we had the pleasure of entertaining you at the Guildhall, is too recent, and was too memorable an event altogether for us to have forgotten. Permit me to assure you that your speech on that occasion was one which no patriotic Englishman is likely to forget."

Monsieur Douaille inclined his head in thanks. His manner was not altogether free from embarrassment.

"I trust that you are enjoying your holiday here?" he asked.

"I have only this moment arrived," Mr. Simpson explained. "I am looking forward to a few days' rest immensely. I trust that I shall have the pleasure of seeing something of you, Monsieur Douaille. A little conversation would be most agreeable."

"In Monte Carlo one meets one's friends all the time," Monsieur Douaille replied. "I lunch to-day with my friend—our mutual friend, without a doubt—who calls himself here Mr. Grex."

Mr. Simpson nodded.