t; just go into
this, I'll be back in half an hour," said Fraser, as he placed some
long sheets on the table.

"I'm no hand at figures," said Alan.

"You'll see the force of these in five minutes," said Fraser.

"Then why give me half an hour?"

"Because I want you to thoroughly master them; I can't undertake the
responsibility alone."

"Would you undertake it if you owned the brewery?"

"Yes."

"That's enough for me, but I'll go into them to satisfy you."

"And yourself, you'll be more than satisfied," said Fraser as he left
the room.

Alan became interested in the figures, which related to the buying of
barley, hops, and a variety of brewing necessaries.

"What a grasp of figures he has!" muttered Alan. "Convincing too; I
can see it plain enough. Hundreds of thousands saved; he's right--if
there's war."

That was the main point--war; and all depended on the information
Duncan Fraser had received from his correspondent in Berlin. He was
still studying the papers, making pencil notes, when Fraser entered the
room. The manager smiled as he saw him.

"You're a wonderful man," said Alan, looking up.

Fraser shook his head.

"You're wrong; there's nothing wonderful about me. I'm a fair business
man, I look ahead, and I know my own mind once I see things clearly.
How does it work out?" he asked.

"It's splendid, the outlay is enormous, it will be perfectly justified
if war breaks out; everything will rise rapidly, and there'll be a
tremendous taxation," said Alan.

"What would you advise?" asked Fraser.

"Risk it and buy as you suggest," said Alan.

"There is no risk if you allude to war; it's bound to come. Do you
know there are thousands of German spies in this country? There are
two or three here in the firm, and they've got to go," said Fraser.

Alan laughed.

"You'll make a clean sweep of them?" he said.

"Yes, and no delay about it. There's----" and he mentioned the names.
"Are you of my opinion?"

"Yes; you must give them some reason, they work well."

"They all do, but it's in their interests--I mean the interests of
their country. They worm out secrets, they are utterly unscrupulous,
nothing is safe from them," said Fraser.

"Then out with them. I say, Fraser, you get hold of some remarkable
information; how do you manage it?" asked Alan.

"I pick my friends; I am careful. What do you think that letter from
Berlin is worth?" asked Fraser.

"A good round sum."

"A thou