Archie nodded briefly. Precisely the same criticism had occurred to him.

“Forty-five-five-five-five-five,” chanted the high-priest. “Once forty-five. Twice forty-five. Third and last call, forty-five. Sold at forty-five. Gentleman in the fifth row.”

Archie looked up and down the row with a keen eye. He was anxious to see who had been chump enough to give forty-five dollars for such a frightful object. He became aware of the dog-faced Willie leaning towards him.

“Name, please?” said the canine one.

“Eh, what?” said Archie. “Oh, my name’s Moffam, don’t you know.” The eyes of the multitude made him feel a little nervous “Er—glad to meet you and all that sort of rot.”

“Ten dollars deposit, please,” said Willie.

“I don’t absolutely follow you, old bean. What is the big thought at the back of all this?”

“Ten dollars deposit on the chair.”

“What chair?”

“You bid forty-five dollars for the chair.”