"Another rival, I suppose. Well, we needn't be afraid of them."

"Zounds! you can be stupid at times, sir. We have every reason to be alarmed at the formation of the new firm. If you paid more attention to the affairs of Black & Company and less to running around with the sports of Yokohama, you would be of more assistance to me."

"What is the matter now?" snarled the youth, arising from his chair. "These rows are getting too frequent, and I won't stand it. I am no baby to be reproved by you whenever you please. I won't——"

"Sit down!" thundered the merchant. "Don't be a fool." Then he added, more mildly: "Remember that I am your father, Ralph. It is sometimes necessary to reprove you as you must acknowledge. But enough of that now. We have a more weighty subject to discuss. You evidently do not see what this new firm means to us. I can explain in a few words. You have doubtless heard rumors of trouble with China about Corea?"

"Yes, but that is an old tale. I heard it two years past."

"Well, there is more truth in it now than you believe. I have private means of obtaining information. If I am not mistaken we will have war before the end of the present year."

"What of it?"

The merchant held up his hands in evident disgust.

"It is easy to be seen that you have little of the instincts of a merchant in you," he said, bitterly. "Hold! I do not intend to reprove you. I will not waste the time. If you don't know, I will tell you that war means the expenditure of money, and the purchase of arms and stores. I know that the government is preparing for the coming conflict, and that they need guns and ammunition and canned provisions."