en talking in the luxurious calm of Hugo's
central office, which was like an island refuge in the middle of that
tossing ocean of business. It overlooked the court of fountains from the
second story, and the highest jet of water threw a few jewelled drops to
the level of its windows.

Mr. Polycarp stroked his beautiful white moustache.

'We would give,' he said in his mincing, passionless voice, 'the cost
price of premises, stock, and fixtures, and for goodwill seven times
your net annual profits. In addition, we should be anxious to secure
your services as managing director for ten years at five thousand a
year, plus a percentage of profits.'

'Hum!'

'And, of course, if you wished part of the purchase-money in shares--'

'Have you formed any sort of estimate of my annual profits?' Hugo
demanded.

'Yes--a sort of estimate.'

'You have looked carefully round, eh?'

'My clients have. I myself, too, a little. This morning, for example.
Very healthy, Mr. Hugo.'

'What departments did you visit this morning? Each has its busy days.'

'Grocery, electrical, and--let me see--yes, furniture.'

'Not a good day for that--too hot! Anything else?'

'No,' said Mr. Polycarp.

'Ah!... Well, and what is your clients' estimate?'

'Naturally, I cannot pretend--'

'Listen, Mr. Polycarp,' said Hugo, interrupting: 'I will be open with
you.'

The lawyer nodded, appreciatively benign. As usual, he kept his thoughts
to himself, but he had the air of adding Hugo to the vast collection of
human curiosities which he had made during a prolonged professional
career.

'My net trading profits last year were L106,000. You are surprised?'

'Somewhat.'

'You expected a higher figure?'

'We did.'

'I knew it. And the figure might be higher if I chose. Only I do things
in rather a royal way, you see. I pay my staff five hundred a week more
than I need. And I allow myself to be cheated.' He laughed suddenly.
'Costume department, for instance. I send charming costumes out on
approval, and fetch them back in two days. And the pretty girls who have
taken off the tickets, and worn the garments, and carefully restored the
tickets, and lied to my carmen--the pretty girls imagine they have
deceived me. They have merely amused me. My detective reports are
excellent reading. And, moreover, I like to think that I have helped a
pretty girl to make the best of herself.'

'Immoral and unbusinesslike, Mr. Hugo.'

'Admitted. I have no doub