"Well," Pateley said, "that is really what it looks like to the outsider, and that is what, as a matter of fact, it comes to."

"Heaven knows I would make it right if I could," said Sir William, "but how can I?"

"Well, of course, on occasions of this kind," Pateley said, still in the same everyday manner, as though judicially dealing with a fact which did not specially concern him, "it is sometimes done by the simple process of the person responsible for the losses making them good—making restitution, in fact."

"I have told you," said Sir William, "that I'm afraid that is impossible."

"Ah then, I am sorry," Pateley said, in the tone of one determining, as Sir William dimly felt, on some course of action. "I thought some possible course might have suggested itself to you."

"No, I can suggest nothing," Sir William said, leaning back in his chair, and feeling that neither mind nor body could respond at that moment to anything that called for fresh initiative.

"I thought that you might have other possibilities on the Stock Exchange even," said Pateley, "though I must say I don't see in what direction. There is bound to be a panic the moment war is declared."

There was a pause. Sir William lay back in his chair looking vaguely in front of him. Pateley sat waiting. Then Gore felt a strange flutter at his heart as the full bearing of Pateley's last sentence dawned upon him.

"Supposing," he said, trying to speak steadily, "there were no war?"

"That is hardly worth discussing," said Pateley briefly, as he got up. "War, I am afraid, is practically certain. Then do I understand, Sir William," he continued, "that you can do nothing to help me in this matter? If so, I am sorry. I had hoped I might have spared you some discomfort, but since you can do nothing——" He broke off and looked quickly out of the window, then said in explanation, "It is only a hansom stopping next door; I thought it might be Rendel coming back. But I was mistaken."