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128 BY ORDER OF THE CZAR. business," remarked Philip. "But I am not so sure that speculations which do not involve the passing of money are not perhaps in some respects nearly as important as dealings in stocks."

"More so," said Sam. "It's a vulgar business, dealing in stocks, but it has its fun, and if you are lucky it enables a fellow to help the other chaps who speculate about art, and the future, and all that sort of thing. We are rare hands in the city at buying pictures and books, and doing the right thing by art and intellect, don't you know? There ain't an atom of pride in the city, and we are always deuced glad for one of you intellectual swells to come up and see us."

"Yes, that's true," said Walter. "They even treat me well; but I confess I generally drop in upon city friends at lunch time — and don't they lunch ! And what snug taverns! Busy clubs! And there are gangs now — North gangs, Rothschild gangs, Nitrate gangs, South-African mining gangs; seems to me men operate in syndicates now, is it not so, Swynford?"

Walter was warming again to his city subject, and Swynford beamed on him gratefully.

"Yes, don't know that they might almost be called conspiracies. I can tell you, a fellow who has to fight for his own hand as I do is lucky if he comes out with his hair on. But the public is so confiding. The rigging of companies' shares, before and after allotment, would give thimble-rigging odds, and win easy."

"You don't seem to approve of the city, Mr. Swynford," said Philip.

"Oh, yes I do, bless you! it's a game. I don't know that it is much worse than the law, with all respect to our host; it is honester than politics, and you can get a deuce of a lot of fun for your money."

"It beats the law there," Walter rejoined, fondling his