'A very able man. A very able man indeed. I'm afraid he's not popular in the office. A little inclined, perhaps, to be hard on mistakes. I can remember the time when he was quite different. He and I were fellow clerks in Morton and Blatherwick's. He got on better than I did. A great fellow for getting on. They say he is to be the Unionist candidate for Kenningford when the time comes. A great worker, but perhaps not quite the sort of man to be generally popular in an office.'

'He's a blighter,' was Mike's verdict. Mr Waller made no comment. Mike was to learn later that the manager and the cashier, despite the fact that they had been together in less prosperous days—or possibly because of it—were not on very good terms. Mr Bickersdyke was a man of strong prejudices, and he disliked the cashier, whom he looked down upon as one who had climbed to a lower rung of the ladder than he himself had reached.

As the hands of the chop-house clock reached a quarter to two, Mr Waller rose, and led the way back to the office, where they parted for their respective desks. Gratitude for any good turn done to him was a leading characteristic of Mike's nature, and he felt genuinely grateful to the cashier for troubling to seek him out and be friendly to him.

His three-quarters-of-an-hour absence had led to the accumulation of a small pile of letters on his desk. He sat down and began to work them off. The addresses continued to exercise a fascination for him. He was miles away from the office, speculating on what sort of a man J. B. Garside, Esq, was, and whether he had a good time at his house in Worcestershire, when somebody tapped him on the shoulder.

He looked up.

Standing by his side, immaculately dressed as ever, with his eye-glass fixed and a gentle smile on his face, was Psmith.

Mike stared.

'Commerce,' said Psmith, as he drew off his lavender gloves, 'has claimed me for her own. Comrade of old, I, too, have joined this blighted institution.'

As he spoke, there was a whirring noise in the immediate neighbourhood, and Mr Rossiter buzzed out from his den with the esprit and animation of a clock-work toy.

'Who's here?' said Psmith with interest, removing his eye-glass, polishing it, and replacing it in his eye.