"Just as you wish. This is Liberty Hall."

Mr. Waring again glanced at Mr. Wilberfloss.

"What I have to say is private," he said.

"All is well," said Psmith reassuringly. "It is no stranger that you see before you, no mere irresponsible lounger who has butted in by chance. That is Comrade J. Fillken Wilberfloss, the editor of this journal."

"The editor? I understood—"

"I know what you would say. You have Comrade Windsor in your mind. He was merely acting as editor while the chief was away hunting sand-eels in the jungles of Texas. In his absence Comrade Windsor and I did our best to keep the old journal booming along, but it lacked the master-hand. But now all is well: Comrade Wilberfloss is once more doing stunts at the old stand. You may speak as freely before him as you would before well, let us say Comrade Parker."

"Who are you, then, if this gentleman is the editor?"

"I am the proprietor."

"I understood that a Mr. White was the proprietor."

"Not so," said Psmith. "There was a time when that was the case, but not now. Things move so swiftly in New York journalistic matters that a man may well be excused for not keeping abreast of the times, especially one who, like yourself, is interested in politics and house-ownership rather than in literature. Are you sure you won't sit down?"