"I suppose all effort has some merit," she responded, without looking up. He began to long to make her raise her eyes again.

"You think so?—On what grounds?"

"It exercises a useful faculty."

"What faculty?"

"Will, of course; to use effort is an exercise of will, because if there was no effort needed, no will would be required either."

He smiled whimsically; this was obvious.

"Then I must look upon the organisation of this very intricate charity, of doubtful use to mankind, as profitable to me because of the effort entailed."

"It is as good a way as any other of looking at it.—Did you say quarterly or monthly returns upon the capital?"

"Oh—er—" glancing at his papers—"the confounded thing! Where is it—Yes—quarterly."