er small), it may be wise to defer the issuing of tenders,
as suggested by you, until further notice. The Board has, in
its confidence, entrusted you with almost complete discretion in
this matter; and possibly you may find it difficult, at this
juncture, to delay matters as suggested. If so, please
advise.--
Yours faithfully,
Walter P. Schmidt,
Managing Director.

So _that_ was all right! It might defer building operations, but it
need not defer his dealing with Nanjivell, his own tenant, who paid
nothing. He could turn Nanjivell out, and then--well, whenever the
Bank chose to start building, the Directors (having gone so far)
would no doubt consider the length of time the premises had been
standing idle.

His brow cleared. He opened the next letter, with the handwriting of
which he was familiar enough. One Retallack, a speculative builder,
suggested a small increase on his overdraft, offering security.
This would not do, in War time. Mr Pamphlett dealt with it at once--

Dear Sir,--You are doubtless aware that the outbreak of a
European War compels the Banking Houses to look jealously after
all advances, or extensions of credit, even the smallest.

It is not so much a question of declining this new request on
your part as of reconsidering very carefully the present
position of your account. I will satisfy myself concerning this
and advise you without delay.--I am, dear sir, yours faithfully,
Alfred Pamphlett,
Manager.

"Business as usual"--Mr Pamphlett repeated it many times to himself
as he went through the rest of his correspondence. His spirit--in
revulsion after his brief scare--soared almost to gaiety. He walked
into the main room of the Bank as Hendy started to pull the
door-bolts.

"We don't open for business to-day, Hendy."

Hendy had shown himself flatly incapable of understanding the
Moratorium; what it was or how it worked. Mr Pamphlett, for his
part, was uncertain about the details. But he explained them to
Hendy.

Then he returned to his private office, pausing by the rack in the
passage to draw from the tail pocket of his frock-coat there a folded
copy of _The Western Morning News_. There was something furtive in
his action: he would have sta