"What are you doing, Spurs?" Sinclair asked Eric.

"I'm not quite sure. My people want me to try for the Civil Service. I want to have a shot at journalism. You can't do anything in the Civil Service."

"Who wants to do anything?" retorted Waring from his window-seat. "Late as usual, Raney.... I only want money and decent holidays.... Sounds of a car, furiously driven. You'll have to fine 'em double, Mr. President, if it's Jim and George; once for being late and once for not coming in club dress. It is! Two dozen of fizz from each!"

He withdrew his head from the window as the car came to a standstill. A moment later Loring entered apologetically in morning dress, fingering his moustache and smiling with pleasure at the volley of welcome; George Oakleigh followed, peering with approval at the familiar beams and dingy panels of the low-ceilinged room; while O'Rane strode across the passage and brought the free fight to an end by putting the heads of the disputants into chancery, the president rapped the table and tried to allot the places.

"Gentlemen! The toast of the Phoenix will be drunk in silence," he proclaimed, as every one obstinately seated himself next to his greatest friend.

Sinclair waited until the sherry was served and then rose to his feet. Of the twenty members present only O'Rane was staying up another year: in obedience to ritual he remained seated in the vice-president's chair.

"The Phoenix is dead," announced the president.

"The Phoenix will rise again," answered the vice-president with awful gravity. Then, as the others sat down, he added reflectively, "'Wonder where we shall all be in ten years' time? 'Wonder what we shall be doing? 'Wonder how many of us will be dead?"

"You can always depend on Raney for an irresistible little note of cheerfulness," commented Loring, as he pulled in his chair and looked round to see who was present.

It was then that O'Rane flung his prophecy at the head of the club.