"Would you undertake it if you owned the brewery?"

"Yes."

"That's enough for me, but I'll go into them to satisfy you."

"And yourself, you'll be more than satisfied," said Fraser as he left the room.

Alan became interested in the figures, which related to the buying of barley, hops, and a variety of brewing necessaries.

"What a grasp of figures he has!" muttered Alan. "Convincing too; I can see it plain enough. Hundreds of thousands saved; he's right—if there's war."

That was the main point—war; and all depended on the information Duncan Fraser had received from his correspondent in Berlin. He was still studying the papers, making pencil notes, when Fraser entered the room. The manager smiled as he saw him.

"You're a wonderful man," said Alan, looking up.

Fraser shook his head.

"You're wrong; there's nothing wonderful about me. I'm a fair business man, I look ahead, and I know my own mind once I see things clearly. How does it work out?" he asked.