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time comes. A great worker, but perhaps not quite the sort of man to be generally popular in an office.'

      'He's a blighter,' was Mike's verdict. Mr Waller made no comment. Mike was to learn later that the manager and the cashier, despite the fact that they had been together in less prosperous days—or possibly because of it—were not on very good terms. Mr Bickersdyke was a man of strong prejudices, and he disliked the cashier, whom he looked down upon as one who had climbed to a lower rung of the ladder than he himself had reached.

      As the hands of the chop-house clock reached a quarter to two, Mr Waller rose, and led the way back to the office, where they parted for their respective desks. Gratitude for any good turn done to him was a leading characteristic of Mike's nature, and he felt genuinely grateful to the cashier for troubling to seek him out and be friendly to him.

      His three-quarters-of-an-hour absence had led to the accumulation of a small pile of letters on his desk. He sat down and began to work them off. The addresses continued to exercise a fascination for him. He was miles away from the office, speculating on what sort of a man J. B. Garside, Esq, was, and whether he had a good time at his house in Worcestershire, when somebody tapped him on the shoulder.

      He looked up.

      Standing by his side, immaculately dressed as ever, with his eye-glass fixed and a gentle smile on his face, was Psmith.

      Mike stared.

      'Commerce,' said Psmith, as he drew off his lavender gloves, 'has claimed me for her own. Comrade of old, I, too, have joined this blighted institution.'

      As he spoke, there was a whirring noise in the immediate neighbourhood, and Mr Rossiter buzzed out from his den with the esprit and animation of a clock-work toy.

      'Who's here?' said Psmith with interest, removing his eye-glass, polishing it, and replacing it in his eye.

      'Mr Jackson,' exclaimed Mr Rossiter. 'I really must ask you to be good enough to come in from your lunch at the proper time. It was fully seven minutes to two when you returned, and—'

      'That little more,' sighed Psmith, 'and how much is it!'

      'Who are you?' snapped Mr Rossiter, turning on him.

      'I shall be delighted, Comrade—'

      'Rossiter,' said Mike, aside.

      'Comrade Rossiter. I shall be delighted to furnish you with particulars of my family history. As follows. Soon after the Norman Conquest, a certain Sieur de Psmith grew tired of work—a family failing, alas!—and settled down in this country to live peacefully for the remainder of his life on what he could extract from the local peasantry. He may be described as the founder of the family which ultimately culminated in Me. Passing on—'

      Mr Rossiter refused to pass on.

      'What are you doing here? What have you come for?'

      'Work,' said Psmith, with simple dignity. 'I am now a member of the staff of this bank. Its interests are my interests. Psmith, the individual, ceases to exist, and there springs into being Psmith, the cog in the wheel of the New Asiatic Bank; Psmith, the link in the bank's chain; Psmith, the Worker. I shall not spare myself,' he proceeded earnestly. 'I shall toil with all the accumulated energy of one who, up till now, has only known what work is like from hearsay. Whose is that form sitting on the steps of the bank in the morning, waiting eagerly for the place to open? It is the form of Psmith, the Worker. Whose is that haggard, drawn face which bends over a ledger long after the other toilers have sped blithely westwards to dine at Lyons' Popular Cafe? It is the face of Psmith, the Worker.'

      'I—' began Mr Rossiter.

      'I tell you,' continued Psmith, waving aside the interruption and tapping the head of the department rhythmically in the region of the second waistcoat-button with a long finger, 'I tell you, Comrade Rossiter, that you have got hold of a good man. You and I together, not forgetting Comrade Jackson, the pet of the Smart Set, will toil early and late till we boost up this Postage Department into a shining model of what a Postage Department should be. What that is, at present, I do not exactly know. However. Excursion trains will be run from distant shires to see this Postage Department. American visitors to London will do it before going on to the Tower. And now,' he broke off, with a crisp, businesslike intonation, 'I must ask you to excuse me. Much as I have enjoyed this little chat, I fear it must now cease. The time has come to work. Our trade rivals are getting ahead of us. The whisper goes round, "Rossiter and Psmith are talking, not working," and other firms prepare to pinch our business. Let me Work.'

      Two minutes later, Mr Rossiter was sitting at his desk with a dazed expression, while Psmith, perched gracefully on a stool, entered figures in a ledger.

      6. Psmith Explains

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      For the space of about twenty-five minutes Psmith sat in silence, concentrated on his ledger, the picture of the model bank-clerk. Then he flung down his pen, slid from his stool with a satisfied sigh, and dusted his waistcoat. 'A commercial crisis,' he said, 'has passed. The job of work which Comrade Rossiter indicated for me has been completed with masterly skill. The period of anxiety is over. The bank ceases to totter. Are you busy, Comrade Jackson, or shall we chat awhile?'

      Mike was not busy. He had worked off the last batch of letters, and there was nothing to do but to wait for the next, or—happy thought—to take the present batch down to the post, and so get out into the sunshine and fresh air for a short time. 'I rather think I'll nip down to the post-office,' said he, 'You couldn't come too, I suppose?'

      'On the contrary,' said Psmith, 'I could, and will. A stroll will just restore those tissues which the gruelling work of the last half-hour has wasted away. It is a fearful strain, this commercial toil. Let us trickle towards the post office. I will leave my hat and gloves as a guarantee of good faith. The cry will go round, "Psmith has gone! Some rival institution has kidnapped him!" Then they will see my hat,'—he built up a foundation of ledgers, planted a long ruler in the middle, and hung his hat on it—'my gloves,'—he stuck two pens into the desk and hung a lavender glove on each—'and they will sink back swooning with relief. The awful suspense will be over. They will say, "No, he has not gone permanently. Psmith will return. When the fields are white with daisies he'll return." And now, Comrade Jackson, lead me to this picturesque little post-office of yours of which I have heard so much.'

      Mike picked up the long basket into which he had thrown the letters after entering the addresses in his ledger, and they moved off down the aisle. No movement came from Mr Rossiter's lair. Its energetic occupant was hard at work. They could just see part of his hunched-up back.

      'I wish Comrade Downing could see us now,' said Psmith. 'He always set us down as mere idlers. Triflers. Butterflies. It would be a wholesome corrective for him to watch us perspiring like this in the cause of Commerce.'

      'You haven't told me yet what on earth you're doing here,' said Mike. 'I thought you were going to the 'Varsity. Why the dickens are you in a bank? Your pater hasn't lost his money, has he?'

      'No. There is still a tolerable supply of doubloons in the old oak chest. Mine is a painful story.'

      'It always is,' said Mike.

      'You are very right, Comrade Jackson. I am the victim of Fate. Ah, so you put the little chaps in there, do you?' he said, as Mike, reaching the post-office, began to bundle the letters into the box. 'You seem to have grasped your duties with admirable promptitude. It is the same with me. I fancy we are both born men of Commerce. In a few years we shall be pinching Comrade Bickersdyke's job. And talking of Comrade B. brings me back to my painful story. But I shall never have time to tell it to you during our walk back. Let us drift aside into this tea-shop. We can order a buckwheat cake or a butter-nut, or something equally succulent, and carefully refraining from consuming these dainties, I will tell you all.'

      'Right O!' said Mike.

      'When last I saw you,' resumed Psmith, hanging Mike's basket on the hat-stand

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