“To Holland,” said Jansen.

“To Scandinavia,” said Harald.

“To Denmark,” said Baldenak.

“Gentlemen!” said Todrin, “excuse me, but that is not the question. By our presence here we have admitted the principle that the circumpolar territories can be put up to auction, and become the property of the highest bidder. Now, as you have powers to draw to a certain amount, why should you not join forces and control such a sum as the Baltimore company will find it impossible to beat?”

The delegates looked at one another. A syndicate of syndicates! In these days we syndicate as unconcernedly as we breathe, as we drink, as we eat, as we sleep. Why not syndicate still further?

But there was an objection, or rather an explanation was necessary, and Jansen interpreted the feeling of the meeting when he asked,—

“And after?”

Yes! After?

“But it seems to me that Canada—” said Donellan.

“And Russia—” said Karkof.