"I beg your pardon," said George, contritely. "Business is business, of course. I beg your pardon. It was the glorious morning that made me feel like it; and when I came in and saw all my old friends looking so happy—there, I beg your pardon."

"Early," said Parrott, rising, and fixing a cold eye upon the secretary. "I have had to speak several times about your conduct in the firm. I have had to warn you. I shall not warn you again. Leniency is quite lost upon some people, and the only way to bring a man to his senses is to show him what he is—to put him in his place. You have had your opportunities; you have failed to make use of them, and to show proper respect to your superiors. This can go on no longer; there must be a change."

"Quite right," agreed George; "there must be a change."

"I have done what I could for you," said Parrott, with a terrible frown; "but all to no purpose. You have brought this upon yourself, and you must suffer for it. To-day I shall hold a conference with Miss Fairbrother, and settle the matter. You need not ask for mercy, either from myself or from Mr. Gray, or Mr. Busby; we are done with you. Your chances in this firm have been crushed under your own feet."

"I see," said George, coolly. "That reminds me that I have a letter for you from Miss Fairbrother. It was enclosed in one sent to myself." He handed over the note, and settled himself in Parrott's armchair while he re-read his own.

There was a painful silence as Parrott read Miss Fairbrother's letter, which in turn was perused by Gray and Busby.

In view of the recent proceedings, it was somewhat disconcerting. It ran—

"Dear Mr. Parrott,

"I shall not be at the office to-day, probably not all the week, owing to an unfortunate accident last night, the shock of which has upset me. But for the timely assistance of Mr. Early, I should probably not be alive to write this note. You are doubtless aware that Mr. Early has of late shown a thorough knowledge of the affairs of the firm; and I wish you, therefore, to make it known that during my absence he is to take my place. He will consult me on business matters when he considers it necessary.

"Yours faithfully,