ng very mysterious and terrible behind it all. Do you
mind my reading your cuttings?"

"Go ahead," said Beale, without raising his eyes from his newspaper.

Kitson took up a slip and read aloud:

"The reserves of the Land Bank of the Ukraine have been increased
by ten million roubles. This increase has very considerably eased
the situation in Southern Ukraine and in Galicia, where there has
been considerable unrest amongst the peasants due to the high cost
of textiles."

"That is fascinating news," said Kitson sardonically. "Are you running a
scrap-book on high finance?"

"No," said the other shortly, "the Land Bank is a Loan Bank. It finances
peasant proprietors."

"You a shareholder?" asked Mr. Kitson wonderingly.

"No."

Kitson picked up another cutting. It was a telegraphic dispatch dated
from Berlin:

"As evidence of the healthy industrial tone which prevails in
Germany and the rapidity with which the Government is recovering
from the effects of the war, I may instance the fact that an order
has been placed with the Leipzieger Spoorwagen Gesselshaft for
60,000 box cars. The order has been placed by the L.S.G. with
thirty firms, and the first delivery is due in six weeks."

"That's exciting," said Kitson, "but why cut it out?"

The next cutting was also dated "Berlin" and announced the revival of
the "War Purchase Council" of the old belligerent days as "a temporary
measure."

"It is not intended," said the dispatch, "to invest the committee
with all its old functions, and the step has been taken in view of
the bad potato crop to organize distribution."

"What's the joke about that?" asked Kitson, now puzzled.

"The joke is that there is no potato shortage--there never was such a
good harvest," said Beale. "I keep tag of these things and I know. The
_Western Mail_ had an article from its Berlin correspondent last week
saying that potatoes were so plentiful that they were a drug on the
market."

"H'm!"

"Did you read about the Zeppelin sheds?" asked Beale. "You will find it
amongst the others. All the old Zepp. hangars throughout Germany are to
be put in a state of repair and turned into skating-rinks for the
physical development of young Germany. Wonderful concrete floors are to
be laid down, all the dilapidations are to be made good, and the bands
will play daily, wet or fine."

"What does it all mean?" asked th