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it's reg'lar in the trade. But—well, in come a customer, sir, a woman as didn't rightly know what she wanted; and she went out without buying, and Mr. Boxon he see it, and he come up to me and calls me the foulest name he could turn his tongue to. And so—well, sir, there was unpleasantness, as they say—"

      He hesitated, Warburton eyeing him with a twinkle of subdued amusement.

      "A quarrel, in fact, eh?"

      "It did about come to that, sir!"

      "You lost your temper, of course."

      "That's about the truth, sir."

      "And Boxon turned you out?"

      Allchin looked hurt.

      "Well, sir, I've no doubt he'd have liked to, but I was a bit beforehand with him. When I see him last, he was settin' on the pavement, sir, rubbin' his 'ead."

      In spite of his inclination to laugh, Will kept a grave countenance.

      "I'm afraid that kind of thing won't do, Allchin. You'll be in serious trouble one of these days."

      "That's what my wife says, sir. I know well enough as it's hard on her, just after we've lost the baby—as perhaps Mrs. Hopper'll have told you, sir."

      "I was very sorry to hear it, Allchin."

      "Thank you, sir. You've always something kind to say. And I'm that vexed, because I was getting on well with paying my debts. But Mr. Boxon, sir, he's many a time made me that mad that I've gone out into the back yard and kicked the wall till my toes were sore, just to ease my feelings, like. To tell the truth, sir, I don't think he's ever rightly sober, and I've heard others say the same. And his business is fallin' off, something shockin'. Customers don't like to be insulted; that's only natural. He's always going down to Kempton Park, or Epsom, or some such place. They do say as he lost 'undreds of pounds at Kempton Park last week. It's my opinion the shop can't go on much longer. Well, sir, I thought I just ought to come and tell you the truth of things, and I won't disturb you no longer. I shall do my best to find another place."

      Warburton's impulse was to offer temporary work in Little Ailie Street, but he remembered that the business was not in a position to increase expenses, and that the refinery might any day be closed.

      "All right," he answered cheerily, "let me know how you get on."

      When Allchin's heavy footsteps had echoed away down the stairs, Mrs. Hopper answered her master's call.

      "I suppose they have a little money to go on with?" Warburton inquired. "I mean, enough for a week or so."

      "Yes, I think they have that, sir. But I see how it'll be. My poor sister'll end in the work'us. Allchin'll never keep a place. Not that I can blame him, sir, for givin' it to that Boxon, 'cause every one says he's a brute."

      "Well, just let me know if they begin to be in want. But of course Allchin can always get work as a porter. He must learn to keep his fists down, if he doesn't want to be perpetually out of employment."

      "That's what I tell him, sir. And my poor sister, sir, she's never stopped talkin' to him, day or night you may say, ever since it happened—"

      "Merciful Heavens!" groaned Warburton to himself.

      CHAPTER 7

      At half-past nine he reached Little Ailie Street.

      "Mr. Sherwood not here yet, I suppose?" asked Will.

      "Oh yes, he is, sir," replied the manager; "been here for half an hour."

      Warburton went on to the senior partner's room. There sat Godfrey Sherwood bent over a book which, to judge from the smile upon his face, could have nothing to do with the sugar-refining question.

      "How do, Will?" he exclaimed, with even more than his usual cheerfulness. "Did you ever read 'The Adventures of a Younger Son'? Oh, you must. Listen here. He's describing how he thrashed an assistant master at school; thrashed him, he says, till 'the sweat dropped from his brows like rain-drops from the eaves of a pig-sty!' Ho-ho-ho! What do you think of that for a comparison? Isn't it strong? By Jove! a bracing book! Trelawny, you know; the friend of Byron. As breezy a book as I know. It does one good."

      Godfrey Sherwood was, as regards his visage, what is called a plain young man, but his smile told of infinite good-nature, and his voice, notwithstanding its frequent note of energy or zeal, had a natural softness of intonation which suggested other qualities than the practical and vigorous.

      "Enjoyed your holiday?" he went on, rising, stretching himself, and offering a box of cigarettes. "You look well. Done any summits? When we get our affairs in order, I must be off somewhere myself. Northward, I think. I want a little bracing cold. I should like to see Iceland. You know the Icelandic sagas? Magnificent! There's the saga of Grettir the Strong—by Jove! But come, this isn't business. I have news for you, real, substantial, hopeful news."

      They seated themselves in roundbacked chairs, and Will lighted a cigarette.

      "You know my thoughts were running on jam; jam is our salvation; of that I have long been convinced. I looked about, made a few inquiries, and by good luck, not long after you went off for your holiday, met just the man I wanted. You've heard of Applegarth's jams?"

      Will said he had seen them advertised.

      "Well, I came across Applegarth himself. I was talking to Linklater—and jams came up. 'You ought to see my friend Applegarth,' said he; and he arranged for us to meet. Applegarth happened to be in town, but he lives down in Somerset, and his factory is at Bristol. We all dined together at the Junior Carlton, and Applegarth and I got on so well that he asked me down to his place. Oxford man, clever, a fine musician, and an astronomer; has built himself a little observatory—magnificent telescope. By Jove! you should hear him handle the violin. Astonishing fellow! Not much of a talker; rather dry in his manner; but no end of energy, bubbling over with vital force. He began as a barrister, but couldn't get on, and saw his capital melting. 'Hang it!' said he, 'I must make some use of what money I have'; and he thought of jam. Brilliant idea! He began in a very modest way, down at Bristol, only aiming at local trade. But his jams were good; the demand grew; he built a factory; profits became considerable. And now, he wants to withdraw from active business, keeping an interest. Wants to find some one who would run and extend the concern—put in a fair capital, and leave him to draw his income quietly. You see?"

      "Seems a good opportunity," said Warburton.

      "Good? It's simply superb. He took me over the works—a really beautiful sight, everything so admirably arranged. Then we had more private talk. Of course I spoke of you, said I could do nothing till we had consulted together. I didn't seem too eager—not good policy. But we've had some correspondence, and you shall see the letters."

      He handed them to his partner. Warburton saw that there was a question of a good many thousand pounds.

      "Of course," he remarked, "I could only stand for a very small part in this."

      "Well, we must talk about that. To tell you the truth, Will," Sherwood continued, crossing his legs and clasping his hands behind his head, "I don't see my way to find the whole capital, and yet I don't want to bring in a stranger. Applegarth could sell to a company any moment, but that isn't his idea; he wants to keep the concern in as few hands as possible. He has a first-rate manager; the mere jam-making wouldn't worry us at all; and the office work is largely a matter of routine. Will you take time to think about it?"

      The figures which Warburton had before him were decidedly stimulating; they made a very pleasant contrast to the balance-sheets with which he had recently had to deal. He knew roughly what sum was at his disposal for investment; the winding-up of the business here could be completed at any moment, and involved no risk of surprises. But a thought had occurred to him which kept him silently reflecting for some minutes.

      "I suppose," he said presently, "this affair has about as little risk as anything one could put money in?"

      "I should say," Godfrey answered, with his man-of-business air, "that the element of risk is non-existent. What can be more solid than jam? There's competition to be sure; but Applegarth is already a good name throughout England, and in the West they swear by it. At Bristol, Exeter, Dorchester—all

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