"How much of that paper do you think Del Ferice has taken up himself?"

"About a quarter, I fancy, from what the clerk told me."

A long silence followed, during which Orsino tried to review the situation in all its various aspects. It was clear that Del Ferice did not wish Andrea Contini and Company to fail and was putting himself to serious inconvenience in order to avert the catastrophe. Whether he wished, in so doing, to keep Orsino in his power, or whether he merely desired to escape the charge of having ruined his old enemy's son out of spite, it was hard to decide. Orsino passed over that question quickly enough. So far as any sense of humiliation was concerned he knew very well that his mother would be ready and able to pay off all his liabilities at the shortest notice. What Orsino felt most deeply was profound disappointment and utter disgust at his own folly. It seemed to him that he had been played with and flattered into the belief that he was a serious man of business, while all along he had been pushed and helped by unseen hands. There was nothing to prove that Del Ferice had not thus deceived him from the first; and, indeed, when he thought of his small beginnings early in the year and realised the dimensions which the business had now assumed, he could not help believing that Del Ferice had been at the bottom of all his apparent success and that his own earnest and ceaseless efforts had really had but little to do with the development of his affairs. His vanity suffered terribly under the first shock.

He was bitterly disappointed. During the preceding months he had begun to feel himself independent and able to stand alone, and he had looked forward in the near future to telling his father that he had made a fortune for himself without any man's help. He had remembered every word of cold discouragement to which he had been forced to listen at the very beginning, and he had felt sure of having a success to set against each one of those words. He knew that he had not been idle and he had fancied that every hour of work had produced its permanent result, and left him with something more to show. He had seen his mother's pride in him growing day by day in his apparent success, and he had been confident of proving to her that she was not half proud enough. All that was gone in a moment. He saw, or fancied that he saw, nothing but a series of failures which had been bolstered up and inflated into seeming triumphs by a man whom his father despised and hated and whom, as a man, he himself did not respect. The disillusionment was complete.

At first it seemed to him that there was nothing to be done but to go directly to Saracinesca and tell the truth to his father and mother. Financially, when the wealth of the family was taken into consideration there was nothing very alarming in the situation. He would borrow of his father enough to clear him with Del Ferice and would sell the unfinished buildings for what they would bring. He might even induce his father to help him in finishing the work. There would be no trouble about the business question. As for Contini, he should not lose by the transaction and permanent occupation could doubtless be found for him on one of the estates if he chose to accept it.

He thought of the interview and his vanity dreaded it. Another plan suggested itself to him. On the whole, it seemed easier to bear his dependence on Del Ferice than to confess himself beaten. There was nothing dishonourable, nothing which could be called so at least, in accepting financial accommodation from a man whose business it was to lend money on security. If Del Ferice chose to advance sums which his bank would not advance, he did it for good reasons of his own and certainly not in the intention of losing by it in the end. In case of failure Del Ferice would take the buildings for the debt and would certainly in that case get them for much less than they were worth. Orsino would be no worse off than when he had begun, he would frankly confess that though he had lost nothing he had not made a fortune, and the matter would be at an end. That would be very much easier to bear than the humiliation of confessing at the present moment that he was in Del Ferice's power and would be bankrupt but for Del Ferice's personal help. And again he repeated to himself that Del Ferice was not a man to throw money away without hope of recovery with interest. It was inconceivable, too, that Ugo should have pushed him so far merely to flatter a young man's vanity. He meant to make use of him, or to make money out of his failure. In either case Orsino would be his dupe and would not be under any obligation to him. Compared with the necessity of acknowledging the present state of his affairs to his father, the prospect of being made a tool of by Del Ferice was bearable, not to say attractive.

"What had we better do, Contini?" he asked at length.

"There is nothing to be done but to go on, I suppose, until we are ruined," replied the architect. "Even if we had the money, we should gain nothing by taking off all our bills as they fall due, instead of renewing them."

"But if the bank will not discount any more—"

"Del Ferice will, in the bank's name. When he is ready for the failure, we shall fail and he will profit by our loss."