He imagined he could see a smile upon the Mongol's face.

"The Consortium is—forgive me—a bubble, a beautiful bubble with magic prisms and exquisite tints. Japan will see to it that loans to China are made as she wishes them."

"Japan improved Korea"—thus baiting conversation.

The reply came quietly, but vehemently. "Yes, my friend, Japan improved Korea. She scientifically reforested its mountains, built roads and railways, public buildings and sanitary houses.... But Japan slew soul to erect in its stead a structure without conscience or heart. Japan may improve China—but it is not for China, but for the time when Japan controls China and compels her four hundred millions to form a unit of her military organization."

Quiet ensued for a space. The myriad sounds that brew in the bowels of a vessel came to them—the jangle of bells, smothered by decks, and the ponderous, deep-throated roar of funnels.

"An example of Japan's purpose and her power is the cancellation of Mongolian autonomy," pursued Hsien Sgam. "When my people formed a government of their own, they expected the protection of Russia. But Russia failed. Semenov, the Cossack adventurer and agent of Japan, threatened invasion, and my people, frightened, appealed to China. The consequences you know. Hsu Shu-cheng, with four thousand troops, occupied Urga. Hsu forced the Hut'ukt'u to sign a petition returning Mongolia to China. Later it was learned that Hsu's troops were equipped with Japanese money."

Trent settled deeper in his chair, his eyes lifted to the roaring funnels where volumes of smoke were sucked up as by invisible vacua.

"But there is a key to supremacy in Mongolia," Hsien Sgam resumed. "It is the projected extension of the railway from Kalgan to Kiachta. Whoever finances that, thus linking China with Europe, through Mongolia, will be the sovereign power. Will Japan—or your Allied Consortium? I think, my friend, the former—unless it is prevented. And how can that be done?"

Trent took him up. "How?"

Hsien Sgam did not answer immediately. Finally: