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310 and Peterson will have words this afternoon. Look at this, Ditchling." On second thoughts he turned over some pages. "We'll see what this insolent devil has to say about you."

"Drinks!" Ditchling thumped the table with a heavy fist. "What the hell does he mean? Say you, Mr. Secretary—what's the meaning of this?"

"They represent Mr. Peterson's considered opinions of you all," said Hugh genially. "Perhaps this other gentleman…."

He turned to the pale youth, who stepped forward with a surprised look. He seemed to be not quite clear what had upset the others, but already Nestor had turned up his name.

"Terrance, Victor. A wonderful speaker. Appears really to believe that what he says will benefit the working-man. Consequently very valuable; but indubitably mad."

"Does he mean to insult us deliberately?" demanded Crofter, his voice still shaking with passion.

"But I don't understand," said Victor Terrance dazedly. "Does Mr. Peterson not believe in our teachings, too?" He turned slowly and looked at Hugh, who shrugged his shoulders.

"He should be here at any moment," he answered, and as he spoke the door opened and Carl Peterson came in.

"Good afternoon, gentlemen," he began, and then he saw Hugh. With a look of speechless amazement he stared at the soldier, and for the first time since Hugh had known him his face blanched. Then his eyes fell on the open ledger, and with a dreadful