"Of course I owe the count a great deal for his kindness in introducing me to you. He knew all about me before the baker died, and afterwards I waited for him outside the Chambers one evening and asked him if he could find anything for me to do, but he did not give me much encouragement. I saw you speak to him and get into his carriage—was it not you?"

"Yes—it was I," answered Orsino, remembering the tall man in an overcoat who had disappeared in the dusk on the evening when he himself had first sought Del Ferice. "Yes, and you see we are both under a sort of obligation to him which is another reason for taking his advice."

"Obligations are humiliating!" exclaimed Contini impatiently. "We have succeeded in increasing our capital—your capital, Don Orsino—let us strike out for ourselves."

"I think my reasons are good," said Orsino quietly. "And as for obligations, let us remember that we are men of business."

It appears from this that the low-born Andrea Contini and the high and mighty Don Orsino Saracinesca were not very far from exchanging places so far as prejudice was concerned. Contini noticed the fact and smiled.

"After all," he said, "if you can accept the situation, I ought to accept it, too."

"It is a matter of business," said Orsino, returning to his argument. "There is no such thing as obligation where money is borrowed on good security and a large interest is regularly paid."

It was clear that Orsino was developing commercial instincts. His grandfather would have died of rage on the spot if he could have listened to the young fellow's cool utterances. But Contini was not pleased and would not abandon his position so easily.

"It is very well for you, Don Orsino," he said, vainly attempting to light his cigar. "You do not need the money as I do. You take it from Del Ferice because it amuses you to do so, not because you are obliged to accept it. That is the difference. The count knows It too, and knows that he is not conferring a favour but receiving one. You do him an honour in borrowing his money. He lays me under an obligation in lending it."

"We must get money somewhere," answered Orsino with indifference. "If not from Del Ferice, then from some other bank. And as for obligations, as you call them, he is not the bank himself, and the bank does not lend its money in order to amuse me or to humiliate you, my friend. But if you insist, I shall say that the convenience is not on one side only. If Del Ferice supports us it is because we serve his interests. If he has done us a good turn, it is a reason why we should do him one, and build his houses rather than those of other people. You talk about my conferring a favour upon him. Where will he find another Andrea Contini and Company to make worthless property valuable for him? In that sense you and I are earning his gratitude, by the simple process of being scrupulously honest. I do not feel in the least humiliated, I assure you."