Turkovitch became plaintive, even less intelligible than usual. “But vy not pay out de dividend? A leetle dividend. Drei per cent on de cabital.”

“Because, there’s no money to do it with: because we’re trading on bank-credit: because. . . . Oh, you try and explain things to him, Reid,” said our Mr. Jameson hopelessly.

Reid plunged into an exhaustive bath of facts and figures. There was big money to be made out of Nirvana. Reid knew it; Peter knew it; Bramson knew it. The hopeless period of an advertising business, the pay-pay-pay-and-not-a-jitney-of-it-back stage had been passed. Now, all they needed was work, a little more capital, and—supremely—confidence. But the Hungarian didn’t, couldn’t, wouldn’t see it.

“Dis is not business, eet is gambling,” he kept on saying. “You spend and you spend. And dere are no deevidends. I vish I had my cabital out of de gompany. . . .”

Reid glanced at Peter, who took the cue, screwed the butt of his cigar into the corner of his mouth, and said, very slowly:

“Look here, Turkovitch. You’re being a frightful ass. I don’t like to see any man who has worked with me throwing away a fortune. . . .”

“Fortune?” sniffed Turkovitch. “Vith no deevidends.”

“Do let me speak for a minute. As I was saying, you’re being very foolish. But if you really mean what you say, you shall have your capital out. I’ll buy your shares off you. At a fair price.”

“Vot price?”

Peter, who had devoted the week-end (Poor Patricia!) to a careful study of the anticipated problem, drew a piece of paper from his pocket.