to his manner.

"What was I going to say?" Klaus went on. "Oh yes--our friend
Ferdinand's a fine fellow, isn't he?"

"Yes, indeed."

"I felt yesterday exactly as I used to feel when we three were together
in the old days. When I listen to his talk I can't help agreeing with
him--and then you begin to speak, and what you say, too, seems to be
just what I've been thinking in my inmost soul. Do you think I've become
shallow, Peer?"

"Well, your steam ploughs look after themselves, I suppose, and the
ladies of your harem don't trouble you overmuch. Do you read at all?"

"Best not say too much about that," said Klaus with a sigh, and it
suddenly struck Peer that his friend's face had grown older and more
worn.

"No," said Klaus again. "Better not say much about that. But tell me,
old fellow--you mustn't mind my asking--has Ferdinand ever spoken to you
as his brother . . . or . . ."

Peer flushed hotly. "No," he said after a pause.

"No?"

"I owe more to him than to anybody in the world. But whether he regards
me as a kinsman or simply as an object for his kindness to wreak itself
on is a matter he's always left quite vague."

"It's just like him. He's a queer fellow. But there's another thing. . .
."

"Well?" said Peer, looking up.

"It's--er--again it's rather a delicate matter to touch on. I know,
of course, that you're in the enviable position of having your fortune
invested in the best joint-stock company in the world--"

"Yes; and so are you."

"Oh, mine's a trifle compared with yours. Have you still the whole of
your money in Ferdinand's company?"

"Yes. I've been thinking of selling a few shares, by the way. As you
may suppose, I've been spending a good deal just lately--more than my
income."

"You mustn't sell just now, Peer. They're--I daresay you've seen that
they're down--below par, in fact."

"What--below par! No, I had no idea of that."

"Oh, only for the time being, of course. Just a temporary drop. There's
sure to be another run on them soon, and they'll go up again. But
the Khedive has the controlling interest, you know, and he's rather
a ticklish customer. Ferdinand is all for extension--wants to keep
on buying up new land--new desert, that is. Irrigation there's just a
question of power--that's how he looks at it. And of course the bigger
the scale of the work the cheaper the power will work out. But the
Khedive's holding back. It may be just a temporary whim--may be all
right aga