"And why not," he said, at last, "when the state would guarantee a certain rate of interest on the advance?"

Ivan opened his eyes still wider, and placed upon each word an emphasis.

"The state will give to this railway a guarantee of interest! You will excuse me, Kaulmann—that is not possible."

Felix answered, after some consideration, "There are certain keys by which the bureaus of even ministers of state can be opened." After this oracular speech he was silent, pressing the top of his stick upon his lips, as if to restrain his words.

Ivan drew out the drawer of his writing-desk and took therefrom a piece of black bread.

"Do you see this? People who eat such coarse stuff don't dance attendance upon ministers."

Felix threw his head back with a scornful laugh and twisted his stick impatiently between his fingers.

"Allons, n'en parlons plus," he said. "You have plenty of time to make up your mind, for what I have once resolved to do, that I do. I am quite ready to bet with you that I shall secure the Bonda Valley property from under the nose of the old prince and the faddy countess, and that the largest factory in the kingdom shall be established here, and the trade carried on with the outside world. This will all come to pass, as sure as my name is Felix Kaulmann."

"Well, I wish you every luck in your undertaking, but for my part I will have none of it."

The arrival of Rauné interrupted the conversation. The Frenchman explained that he had considered Ivan's offer, and was ready to agree to his conditions and to enter on its office at once. Thereupon Ivan gave him his hand as a sign that the agreement was concluded. Then he handed him the books and the strong-box, the former with the complete list of the pitmen, the laborers, the girls, and boys engaged in the mine; the latter with the money which was paid to them for the week's work, and he asked the new overseer to appoint a room in the inn, where he was going to live, as the place where the miners should come to be paid.