Loading...
HomeMy WebLinkAboutThe Huron Expositor, 1922-01-20, Page 7xaYt1:4+7teli as'iYehet ` (Continued froi las week) ' of l this is delig'htft fy pgrteatous. He yon know it reminds Me of a scene hs one of those numerous lays where lib wrong man has murdered' some M�-.-ar hasn't murdered somebody and.. the . whole company must be mined' because the curtain cannot be brought down until the be m►sin in unmasked. Do - let ue seine into this, Hr. Palford; what we know seems. so inadequate." Mr. Pafford and Mie Grinnby each felt that there lurked in this manner d a possibility that they wer4 being regarded lightly. Ali the objection= Artheir situation loomed annoyingly barge. "It is, of course, an extraordinary story," Yr. Palford said, "but if we are not mistaken in our deductions, we may find ourselves involved in a cause edebre which will set all Eng- land talking."' "1 am not mistaken," Palliser pre- sented the comment with a short and dry laugh. "Thai 'seems pretty cock -sure!" Hutchinson '':rest in, "I am. No one knew Jem Tem- ple ,Barholni b titer than I did in the past. We were intimate—enemies." And he laughed again. "Tha eaye t' e'11 swear th' chap tha saw t!hroug` '1' window was him?" said Hutchinson. "I'd ewe it," with composure. The duke w s reflecting. He was again tapping with his cane the gaiter covering .his slender, shining boot. ` "If Mr. Temple Temple Barholm had remained here his actions -would have seemed less suspicious?" he sug- gested. It was Palliser who replied. "Or if he hadn't whisked the other lean away. He lost his head and played the fool." "He didn't lose his head, that chap. It's screwed on tie' right way—his bead is," grunter! Hutchinson. "The eurieus fellow has a number of friend " the bike remarked to Pafford and G'-imby, in his impartial tone. "I am honing you are not n• n thinking fcross-examining deg me. I have always been convinced that un- der cross-examination I could be in- duced to innocently give evidence con- demnatory to both sides of any case Whatever. But would you mind tell- ing me what the exact evidence is am far?" Mr. Palford had been opening a budget ed papers. "ft is evidence which is cumulative, you Grace," tie said. "Mr• Temple Temple iBarttolre's position would have been s f -r less suspicious one =as you vcurself suggested—if he had remained, or if he hadn't secretly removed Mr --Mr. Strangeways." "The last eels Captain Pailiser's suggestion, I believe." smiled the drake. "Died he remove him secretly? 'Now secretly, for instance?" "At night " answered Palliser. "Miss Temrie Barholm herself did not know when it happened. Did you?" turning to Mies Alicia, who at once flushed and paled. "He knew that I was rather ner- vous where Mr Strand eways was con- eerned. I Qin sorry .to say he found that out almost at once. He even told me several times that I must tot think of him—that I need bear teething about him." She turned to the duke, her sir of aepeal plainly representing a feeling that he would understood her confession. "I scarce- ly like to say it, but wrong as it was I couldn't help feeling that it was like having a—a lunatic in the house. I was afraid he might be more—ill— than Temple realized, and that he might some time become violent. I never' admitted so muck of coarse, but I wan." "You eee, she was not told," Pal- liser summed it up succinctly. "Evidently" the. duke admitted. "I see your point " But he seemed to disengage himself from all sense of admitting implications with entire calmness, as he turned again to Mr. Buckley Giving Away Over 100,000 Bottles The chief of cold killers to slay every cold in existence. The hour has struck! Coughs, colds and bronchitis must surrender ! Thousands of fres bottles of Buckley's Bronchitis Mixture will prove to sufferers every- where that it is the most successful method ever discovered for combat ugg disease germ,. To convince yourself that what over 200,000 people are saying aboutthis remedy is absolutely true, exchange the coupon below at any of the drug stores listed for r your bottle. You'll be so agreeably surprised with the test that you will proceed at once with the regular size in ordettto complete the miraculous work of totally destroy- ing Your cold. Right here and now fief in the coupon. W. K. BUCKLXY.LimIted. Mamesctsrhai Chsstlsts 142 Mul.al Strut — Tarsals elnammonlownwilidumninICLi PON Pree trial Buckler's Bronchitis Mixture. mIs..upon will not be accepted if presented by a child. 'fame aud land' toed ab spit i�t�• "'Kee . bra 'got on 'tie' it before he brought him," he answered their glances. "Be sure of that." "Ten why did ke briar him!" the '.lake agggsted ray. • "Oh, well;'ta one front ahe duke, and aaeuu� casual light- ness also, "he was obliged to onus himself, and was jolly well convinced. that he had better keep his hand on the man, also his eye. It was a,good .nougk idea. Ha�--couldn't 1.are a thing like riot wesderlag about the Stats.. H. 'maid y baste *ter safely in a house et ties elm of this until he was ready for action." The duke gave -a' vetoment to con- sidering the matter—still detachedly. 'It is, on the whole, not unlikely that something of 'the sort might suggest itself to the) criminal mind," he said. And his glance at Mr• Pal - ford intimated that he might resume • his statement., • "We have secured proof that he applied himself to secret investiga- tion. He is known to have employed 8entland Yard to make certain in- quiries concerning the man said" to have been killed in the ' Klondike. Having evidently reached morethan suspicion he began to endeavor to persuade Mr. Strangeways to let him take him to London. This apparent- ly took some time. The mere sug- gestion of removal threw the invalid into a state of painful excitement—" "Did Pearson tell you that?" the duke inquired. "Captain Palliser himself in pass- ing the door of the room one day heard certain expressions of terrified pleading," was Mr. Palford's explana- tion. "I `heard enough," Palliser took it up caro'essly-, "tn make it worth while to gnes•lien P,.arsoon--who must have heard a creat deal more. Pearson was. ordered to hc]d his tongue from the first but he will have to tell the truth when he is asked" • The deice did not appear to resent his view. "Pearson would be likely to know what went on," he remarked. "He's an intelligent little fellow." "The fact remains that in spite of his distress and reluctance Mr. Strangeways was removed privately, and there our knowledge ends. He has not been seen since -and a few hours after, Captain Palliser expres- sed his conviction, that the person he had seen through the West Room window was Mr. James Temple Bar - holm, `Mr. Temple Temple Barholm left the house taking a midnight train, and leaving no clue as to his whereabouts or intentions." "Disappeared!" said the duke. "Where has he been looked for?" The countenance of both Mr. Pal - ford and his party expressed a cer- tain degree of hesitance. "Principally in asylums and so- called sanatoriums," Mr• Grimby ad- mitted with a hint of reluctance. "Places where the curiosity of out- siders is not encouraged," said Palliser languidly. "And where if a patient dies in a fit of mania there are al- ways respectable witnesses to explain that his case was hopeless from the first." Mr. Hutchinson had been breathing bard occasionally as he sat and listen- ed, and now he sprang up uttering a sound dangerously near a violent snort. "Art the aecusin' that lad o' bein' black villain enough to be ready to do bloody murder?" be cried out. That Hutchinson had lost his head was apparent to his daughter at least. "Pha'd be in a tight place, my fine chap, if I had my way," he flung forth irately. "I'd like to get thy head under my arm." The roll of approaching wheels reached Miss Alicia. "There's another carriage," was her agitated exclamation. "Oh, dear! It must be Lady Joan!" Little Ann left her seat to make her father return to his. "Father, you'd better sit down," she said, gently pushing him in the right direction. "When you can't prove a thing's a lie, it's just as well to keep quiet until you can." And she kept quiet herself, though she turned and stood before Palliser and spoke with clear deliberateness. "What you pretend to believe is not true, Captain Pablieer. It's just not true," she gave to him. ' They were facing and looking at each other when Burrill announced Lady Joan Fayre. She entered ra- ther quickly and looked round the room with a sweeping -glance, taking them all in. She went to the duke 'first, and they shook hands. "I am glad you are here!" she said. "I would not have been out of it, my dear .young lady," he answered, "'for arm.' That's a quotation." "I know," she replied,, giving her band to Miss Alicia, and taking in Palliser and the solicitors with a bow which Was little more than a nod Then ahe saw Little Ann, and walked over to her to shake hands. "I am glad you are here. I rather felt you would be." was her greeting. "I am glad to see you." "Whenever tha 'rt glad to see me or not I'm glad I'm here," said Hutch- inson bluntly. "I've just been epeek- lag a bit o' my mind." "Now, Father love!" Little Ann put her 'hand on his arm. Lady Joan looked him over. Her hungry eyes were more hungry than ever. She looked like a creature in I* fever and worn by it. "I think 1 am glad you are here too," she answered. Palliser eanntered ever is her. He rad approved the dlsk�e% aft of being at once detae aid lagi'iring, and he did sot intend to Weer the Aspect of th. 'mows be gismo the ea- �eaeast part et the jar** aell awagsr. Wbsb fiK NM Hurt Address l i SW is &mama by M. tiauroa joadl„wes good of you to come, Lady "7011 ' I evert,o her sultWer.: ,than 1 *al.• . !rife; think tra t•itoo, be ?n. lor bet eV. bid remade bit,theni it Weald here bele fapoas or elect so � at e. Duch �ihulOen hours alms eke been this 1 wild � tkiug• my not telling you what. I think," she • said.. "Nething mat- ters after all, if he is ntfi ' " a` c that we mast find ,him said r. "If he L ..in the same world wi ate I shall Pond k' fiercely. she, turned a ain Ann. "You er the girl T. Tembarom loves'?" eh put it to leer. "Yea, my lady." "If he was !Wit and you .knew h was on the earth with you, don' you know that you would find him? "I should know he'd come back to mewhat• -" hetle r all face look wered ker. "That' fine as in her second of hesitation a spirited flush ran over it "that'ai what your man will ds," quite firm ly. It was amazing to see how the bit- ter face changed, se if one word ha brought back a passionate sotwtenin memory. • "Ny exon!" Her voice mellowed until it was deep and low. "Did you call T. Tembarom that, too? Oh, I underlttand you! Keep near me While I talk to these people." She made `her sit down by her. "I know every detail of your let- ters." She addressed Palliser es well as Palford & Grimby, sweeping all details aside. "What is it you want to ask me?" "This is our position, your lady- ship," Mr. Palford fumbled a little with his papers in speaking. "Mr. Temple Temple Barholm and the per - s in known as Mr. Strangeways have twin searched for so far without re- sult. In the meantime we realize that the more evidence we obtain that Mr. Temple Temple Barholm identi- fied Strangeways and acted from mt.- tive, the more solid the foundation upon which iCantain Palliser's con- viction rests. Up to this point we have only his statement which he is nrenared to make on oath. Fortu- nately, 'however, he on one occasion overheard something said to you THE .BANKING YEAR rd, General Manager of the Canadian Bank of Commerce, addresses the Shareholders at the Annual Meeting of the Bank. The n is businesia, to which I re weep addressing you a year: ego, hes continued used 3 to the' present time; indeed_ it • increased its severity -throughout the greater part Of the year just cloud. tk It has been a time, of testing for the The • financial Palle*, of all business, and o particularly of banks, searching out o' the weak spota and revealing the true outcome of plans adopted under much brighter auspices. It has been a e source of m gratification to ua to t find that *licks adopted by this " Bank after full consideration with a view to warding off the evil effects 5 1 of just such a period as the present_ have proved as efficacious as we had hoped, enabling us to view the pres- ent with equanimity and to look for-. - ward to the future with confidence. A Satisfactory Showing. d ' The net profits of the Bank during g l the year amounted to $3,116,188, or about ,190,000 less than a year ago Considering the difficulties with which the situation has been beset, and the steady shrinkage in the volume of all business, resulting in our case in a smaller amount of loans on which to earn a profit, we venture to think that you will regard this as a satis- factory showing. We have belen able to provide out of it the regular divi- dend of twelve per cent., and a bonus of one per cent. paid last December. We have set aside *825,00n for the very heavy burden of taxation levied by the various Governments, under whose rule we transact business] $500,1100 for Bank Premise, Account, $178,370 for the Officers' Persian Fund, and finally carry furtirard into next year's accounts at the credit of Profit and Loss, a balance of $1,946,- 745, or $162,766 more than a year ago- The writing off of $500,000 from Bank Premises Account is it pursuance of our expressed policy of carrying our premises on our books at approximately 50 per cent. of their cost. We referred last 'year to hav- ing been able to acquire ,premises for several of our branches in the West Indies and South America .,n favor- eble terms, and the purc'e itis pike. e.; these is reflected in this y...r', sestc- ment, accounting for the principal part of the increase in the item of Bank Premiaes in our balance sheet. which he believes will be corroborative evidence." "What did you overhear?" ehe in- quired of Palliser. Her tone was not pacific consider- ing that, logically, she must 'be on the side of the .investigators. But it was her habit, as Captain Palliser remembered, to seem to put most people on the defensive. He meant to look as uninvolved as the duke, but it was not quite within his power. 'His manner was sufficiently deliberate. "One evening, before you left for London, I was returning from the billiard -room, and heard you engag- ed in animated conversation with— out host. My attention was arrest- ed, forst because—' a sketch of a smile ill -concealed itself, "you usually scarcely deigned to speak to 'him, and secondly because L heard Jem Tem- ple Barholm's name." "And you—?" neither eyes nor manner omitted the word listened. But the slight lift of hie shoulders• were indifferent enough. "I listened deliberately. I was convinced that the fellow was a crim- inal impostor, and I wanted evidence." "Ah! come now," remarked the duke amiably. "Now we are getting on Did you gain any?" "I thought so. Merely of the cum- ulative order, of course," Palliser an- swered with moderation. "Those were early days. He asked you," turning to 'Lady, Joan again, "if you knew any one -any one—who had any sort of a photograph of Jem. You had one and you showed it to him!" She was quite silent for a moment. The hour came back to her tke ex- traordinary hour when he had stood in his lounging fashion before her, and through some odd, uncivilized but absolutely human force of his own had made her listen to him— and had gone on talking in his nasal voice until with one common, crude, grotesque phrase he had turned her hideous world upside down—changed the whole face of it—sent the stone wall rising before her crumbling in- to duet, and seemed somehow to set her free. For the moment he had lifted a load from her the nature of which she did not think he could un- derstand—a load of hatred and sil- ence. She had clutched his hand, she had passionately wept on it,' she could have kissed it. He had told her she could come back and not be. afraid. As the strange episode rose before her detail by detail, she liter- ally stared at Palliser. "You did, didn't you?" he inquired. "Yes," she answered.' Her mind was in a riot, because in the midst of things which must be true, something was false. But with the memory of a myriad subtle dup- licities in her brain, ahe had never seen anything which could have ap- proached a think like that. He had made her feel more human than any one in the world had ever made iter i Influence of Lower Prices. The decrease of somewhat over seven million dollars in notes of the Barak in circulation, which now a- mount to $23,477,574, is, of course, the direct result of lower prices for commodities and of the contraction in the volume of general business. Ow- ing to lower prices a muck smaller amount of money is requites/10 handle a given quantity of goods ''than a year ago. The same influences have had their effect on deposits, whict now stand at $353,155,200, of which about 254 nti'llions bear interest, the bal- ance of 99 million being non-interest 'bearing. I have already mentioned 'the decrease in the Bank's loans, which is a natural accompaniment of the decrease in deposits and circu- lation. The item of Bills Payable shows an increase;'atanding now at $2.758,126, or somewhat more than doube the figures of a year ago. This reflects the return of more normal conditions in the principal money centres abroad, and is also in a .mea- sure a tribute to the standing of this Bank in the foreign exchange markets. Acceptances under Letters of Credit show a large decrease, ow - Ing to the inactivity of foreign trade at the present time• Strang Reservesi. Gash on hand and In the Cott"' Gold Reserves, that is, the Boris holdings of gold and silver coin and Dominion notes, stands at $86,162,871 and represents an increase in ,p1<opor- tion to our present liabilities by way of deposits and note issue, from 15.9 per cent. to 17.3 per cent. There has been a similar increa*. ia the proportion between "quick assets" and these liabilities, from 48 per cent. a year ago to 48 per cent. at the close of November last. We kave thought it will to maintain :ample re- serves at all times under present un- settled conditions. There are several important changes In the items com- prised in the teras "quick assets." Thus, the amount of cheques on other hauls held at the end of November shows a large decrease its compared with the figere. f- the previous year. The ' reasons for this are, of course, the general inactivity of business and lower ,priees Government Securities There have been some consider- able change* in the Government se- curities we hold. During the year the British Government continued to reduce its indebtedness to the Cana- dian Banks by payment of the short term securities which the latter hold, and we took the opportunity of in- vesting a corresponding sum, at the favourable rates which prevailed in the bond market, in the securities is- sued by our various provincial Gov- ernments. During the year we paid off all our borrowings from the Do- minion Geverninent under the Finance Act. Loans and Discounts in Canada, other than call and short loans, a- mounted to $206,588,328, and those elsewhere to $23,334,479. We (still ,sold an outstanding egosition in the first of these two yier'i s, which rep- resents roughly the measure of ser- vice rendered to the commercial and industrial business of Canada and to Its agricultural interests. There has been an increase in Overdue Debts, but it is small when compared with the total volume of our business and when the conditions that prevail are taken into consideration We have Provided amply for all possible ole loss, and ibelieve the figures at which this asset stands in our books to be un- doubtedly conservative. Sound Commercial Loans. Our total assets show a decrease of between 10 and 11 per cent. as corn - .pared with the figures of a year ago, which is more than accounted for by the decrease in commodity prices. At the end of November, 1920, the total assets of the Bank stood at $480,760,- 000, and at the end of August last, seven months later, they had been reduced to $378,814,000, that is by about $102,000,000, or over 21 per cent This was not caused by any set policy of contraction or enforc- ed liquidation, but simply by the na- tural, orderly and voluntary payment of debts by our customers in the face of the depressed business situation. Naturally; it affected our earning power for the time being, and has re- sulted in lower ,profits for the year, but we look upon it as moat strik- ing evidence as to the soundness of our commercial loans and as to the liquid position of our other assets. It shows, too, that the business of the Bank is well diversified and not bound up wick the foreen0 of one In- dustry. You will lave haw - ever from the haloes MI in your hands that the tote' wits* f the Bank as at November '$pea last amounted to overA000. 'Fide increase is owing �krg to our db tivities in connection with the move- ment of the crop of last autumn. Careful Administration. I .should lilts to lay +li'anldy before the shareholders the precautions with which we have surrounded the admin. istratlon of the trust cosflsnitabed to our care, of which that part -Math bean the ultimate risk is the money which you as shareholders have in- vested in the business. I wish to say emphatically that .the safety of your 'treatment does sot depend upon my own unaided judgt, nor upon that of any other single officer of this nictitation Ws bave departms.te et Toronto, Winnipeg, Calgary, . Van- couver, Sherbrooke and Halifax, for the purpose of saPervisfng the loans of the bask. These department. are headed by senior alters of proved judgment and experience in lending money, and they are assisted is their work by some of the best and bright- est of the younger m.n on our staff, specially selected for the purpose. The training these men receive in these departments in the handling of credits is looked upon as offering the best opportunity this Bank can ,give for future promotion and usefulness. Under the personal guidance and over- sight of the head of the department they check and scrutinize the judg- ment exercised by the various local managers in making loans. In add - tion, all loans or credits over a cer- tain sum have to be passed upon by the Credit Department at Head Office and by your Board of Directors_ Every year a statement signed by three of the senior officers of the Head Office in charge of credits is submitted to the Board, certifying that every credit which should come before the Beard, has been submit- ted to it. Ample Prevision. The procedure I have described is that which is applied to all the cur- rent and active business of the Bank. Theco aaivm r ' e] p t y small number of accounts in connection with which there are slow or dragging advances. are subject to the additional test of an annual review by the 'Superintend- ents and the Chief Inspector. This takes place in the autumn of each year, and whenever in the judgment of these officers there is doubt as to the ultimate collection of the face amount of any debt, full provision for the estimated loss is made, either by writing down the debt in the books or by setting aside ample provision for it in a contingent account. The same procedure is applied to all the miscellaneous assets of the Bank, such as bonds and stocks held as in- vestments, or other items which have come into its possession as security for debts incurred to it. The pro. vision which is thus made for bad debts is so ample that every year a certain amount is recovered from debts previously written off our books, and we have a special organ- ization in the Head Office to look af- ter these written -off debts and to see that nothing is left undone which is necessary to protect the Bank's in- terest in them. I should like to re- peat what I drew attention to at the beginning of my address to, -day, that the policies deliberately ad.F this Bank to govern its ,net ods of lending money, with a view to pro tecting it from bad debts. especls tinder such adverse circumstances ae we 41 passed through during the Peet pear, have proved most effectual au that the ratio of bad debts to total .loan over a series of years shows is marked decrees*. A Thorough Audit. As to the auditors' certificate, the auditors Whamyou edect each year ere chartered accometant. belonging r >¢. Tiler watt! -k ern : l mine o!'. d ahed repntatiopy ars -' year ' st these animal, . a considerable sum for theirs Sereleeu, namely, 320,000, and u*dsp tsdly they pat forth their best sudeavoure in the discharge of their duties' 'lay vbdflees a number and in Mathes es to ekes of the , veerrbfyllag the ammo tom, , a physIcal eristenea of dates* and securities held as inveatansatn or se eoYlsteral for lei they carefully examine the annual review of a21 ew or dragging loans and investment. of which I have spoken, and for their own satisfaction are placed in pos- session of the evidence upon which our estimate of the value of such assets is based. -11f this does not sat- isfy them, they are at liberty to make such independent investigations as their judgment may dictate. In our opinion their work is well and thoroughly done. A Difficult Year. conclusion, I may say that the year through which we have just passed was undoubtedly a difficult one. Irregularities here and there in the progress of deflation show that the process is not yet fully complet- ed. The burden of taxation is a • heavy one, made unduly so by ine- quitable distribution. It would be well if our Governments would direct taxation more at what people are spending and less at what they are saving. It must be remembered that high municipal taxes are one of the influences that keep up rents and re- tail prices, just as taxes on profits keep up the prices of manufactured goods. The lack of capital accumula- tions and the high level 6of urges also function in the manner of taxes on employment, tending to increase the uner'ployment which has been so pr -valent. In these and other way' r1•.'. return of prosperity is be- ing• ;geld back. Improving Prospect. Yet the position has undoubtedly improved 111 many respects. The doubt as to the future so widespread a year ago has largely disappeared. The stocks of goods produced at a high cost have been steadily reduced by consumption, even if often dispos- ed of at a loss. The problem of pro- deel.iee at lower costs, which for a tin mrd so baffling, appears now in a 'r •.v 1y to he solved. The soil and oc naturrl resources of Can- ada are as re :ri--r.s ever to respond to the efforts of her people. If busi- ness seems at present to be more or less in a condition of :suspended ani- mation, any change which takes place must surely be for the better, and at any moment it may awake to new life and prosperity. Granted a fav- ourable harvest in the coming year, we may confidently look for a steady return to more normal conditions. feel -hut Jem. He had been able able to do it !because he was human himself -human. "I'm friendly," he had said with his boy's laugh—"just friendly." "I saw him start, though you did not," Palliser continued. "He stood and studied the locket intently. She remembered perfectly. He had examined it so closely that he had unconsciously knit his .brows. "He said something in a rather low voice," Palliser took it up. "I could not quite catch it all• It was some- thing about 'knowing tho face again.' I can see you remember, Lady Joan. Can you repeat the exact words?" He did not understand the strug- gle he saw in her face. It would have been impossible for him to un- derstand it. What she felt was that if she lost hold of her strange be- lief in the honesty of this one decent thing she had seen and felt so close te' her that it cleared the air she breathed, it would be as if ahe had fallen into a bottomless abyss. With- out knowing why she did it, she got up from her chair as if she were a witness in a court. "Yes, I can," ahe said. "Yea, 1 can; but I wish to make a statement for myself. Whether Jem Temple Barholm is alive or dead, Captain Palliseh, T. Tembarom has done him no harm." The duke sat up delicately alert He had evidently found her worth looking at and listening to from the outset. "Hear! Hear!" he said pleasant- ly. "What were the exact words?" suggested Palliser. Miss Alicia who had beet weeping on Little Ann's shoulder --utmost of her lap—lifted her head to listen. Hutchinson set his jaw and grunted, and Mr. Palford cleared his throat mechanically. "He ' said,and no one better that herself remised hew ominously "cum- ulative" the words pounded, "that a man would know a face like that a- galt--w'ber v 'be caw ft." "Wherever be saw itt" efeemlated tdr. Grireby. Tera ensued s sfisaidat elf attire pause. It was inevitable. Having reached this point a taking of breath was necessary Even the duke ceas- ed to appear entirely detached. As Mr. Palford turned to his papers a- gain there was perhaps a slight feel- ing of awkwardness in the air. 'Miss Alicia bad droppeed, terror smitten, into new tears. The slight awkwardness was, on the whole, rather added to by T. Tena- barom-,as if serenely introduced by the hand of drama itself—opening the door and walking into the room. He came in with a matter-of-fact, bat rather obstinate air, and stopped in their midst, looking round at them as if collectedly taking them all in. Hutchinson sprang to his feet with a kind of roar, his big hands plung- ing deep into his trousers pockets. "Here he is! banged if he isn't!" he bellowed. "Now, lad, tha let 'em have it!" What he was to let them have- did avedid not ensue, because his attittide was not one of assault. "Say, you are all here, ain't your he remarked obviously. "Good bad- ness!" Miss Alicia got rep from the podia and came trembling toward him as one approaches one risen from the dead, and he made a big stride ie - (Continued on page 6)