Duncan Fraser sat in his private room at the brewery in deep thought; no one interrupted him: he gave orders and they were never disobeyed. A stern-looking man, not given to making many friends, yet there was a kindly heart beneath a severe exterior. The manager of a great concern, he was admirably suited to the position, accustomed to handle and make decisions promptly, no shilly-shallying or "wait and see" about his actions. Very few people were aware he possessed unique opportunities of getting behind the scenes, learning government moves, acquiring knowledge beforehand which was advantageous in his dealings.

Information had recently come to him from a valued and trusted correspondent in Germany, and he was considering how best to use it to the advantage of the firm. The heavy taxes on the brewers hit Chesney's hard, but they were able to stand them better than most firms; still he knew there must be a considerable diminution in dividends, consequently in Alan Chesney's income.

It irritated him when he thought how careless the head of the firm was in money matters. Alan appeared to regard the brewery as a huge concern from which he could drain money as freely as beer ran into the casks. He made up his mind to talk seriously to Alan; he had a high opinion of his judgment and intelligence when he cared to exert those qualities. He expected him to arrive in half an hour and knew what to expect. Alan would rush up in his motor, say he had only a few minutes to spare, then dash off again as he arrived—in a hurry.

The head of the firm was always in a hurry; never seemed to have a minute to spare; the "racing rush" took hold of him. Duncan Fraser smiled grimly as he thought how Alan careered about the country in pursuit of his favorite pastime.

"Here he is," said Duncan, as he heard the powerful motor stop, and thud.

Alan came into the room in a hurry. He was not in the best of humors; why the deuce couldn't Fraser manage without dragging him there? He had carte blanche as to how he should act.

"Suppose you'll not keep me long," said Alan impatiently.

"Longer than usual," was the reply.

"Hang it all, I want to go to the races this afternoon. You must cut it short, please, Fraser."

"This is more important than racing; I have just received some valuable information from Berlin."

Alan became interested.

"Berlin!" he exclaimed. "What's up there?"

"War; it will break out before long."

"Who is your informant?"

Fraser handed him the letter.

"Read that," he said.

Alan did so.

"By Jove!" he exclaimed. "This looks serious. Can you rely upon it?"

"Yes," said Fraser, with a characteristic snap of his firm lips.

Alan put the letter down and a gloomy look settled on his face.

"War," he said, "and I'll be out of it, confound the thing! I'm sorry
I don't hold a commission."

"I am not. You can't be in the army and look after things here," said
Fraser.

"You look after them. It's no use trying to convince me I'm necessary to the existence of the firm, because I'm not; I haven't the governor's capacity for business," said Alan.

"I don't know so much about that; you've never been properly tested."

Alan laughed.

"And have no desire to be," he said.

"I have drawn up some figures; they are formidable. If you agree to my plans, and war breaks out, we shall save hundreds of thousands of pounds. It means a tremendous outlay, but it's worth it; just go into this, I'll be back in half an hour," said Fraser, as he placed some long sheets on the table.

"I'm no hand at figures," said Alan.

"You'll see the force of these in five minutes," said Fraser.

"Then why give me half an hour?"

"Because I want you to thoroughly master them; I can't undertake the responsibility alone."

"Would you undertake it if you owned the brewery?"

"Yes."

"That's enough for me, but I'll go into them to satisfy you."

"And yourself, you'll be more than satisfied," said Fraser as he left the room.

Alan became interested in the figures, which related to the buying of barley, hops, and a variety of brewing necessaries.

"What a grasp of figures he has!" muttered Alan. "Convincing too; I can see it plain enough. Hundreds of thousands saved; he's right—if there's war."

That was the main point—war; and all depended on the information Duncan Fraser had received from his correspondent in Berlin. He was still studying the papers, making pencil notes, when Fraser entered the room. The manager smiled as he saw him.

"You're a wonderful man," said Alan, looking up.

Fraser shook his head.

"You're wrong; there's nothing wonderful about me. I'm a fair business man, I look ahead, and I know my own mind once I see things clearly. How does it work out?" he asked.

"It's splendid, the outlay is enormous, it will be perfectly justified if war breaks out; everything will rise rapidly, and there'll be a tremendous taxation," said Alan.

"What would you advise?" asked Fraser.

"Risk it and buy as you suggest," said Alan.

"There is no risk if you allude to war; it's bound to come. Do you know there are thousands of German spies in this country? There are two or three here in the firm, and they've got to go," said Fraser.

Alan laughed.

"You'll make a clean sweep of them?" he said.

"Yes, and no delay about it. There's——" and he mentioned the names.
"Are you of my opinion?"

"Yes; you must give them some reason, they work well."

"They all do, but it's in their interests—I mean the interests of their country. They worm out secrets, they are utterly unscrupulous, nothing is safe from them," said Fraser.

"Then out with them. I say, Fraser, you get hold of some remarkable information; how do you manage it?" asked Alan.

"I pick my friends; I am careful. What do you think that letter from
Berlin is worth?" asked Fraser.

"A good round sum."

"A thousand?"

"Yes."

"Then he shall have it."

"You think it is worth that?"

"I do."

"Then we can't be far out in giving it," said Alan.

"You think I am too careful?"

"Yes."

"It would be better if you were," was the answer.

Alan moved impatiently in his chair.

"I don't consider I spend too much."

Duncan Fraser looked at him with a kindly light in his somewhat hard eyes.

"This is a great business," he said slowly, "or it would never stand the strain. Take my advice and cut down expenses; we're in for lean years."

Alan laughed as he replied:

"What an old croaker you are!"

He got up, put on his motor coat and held out his hand.

"I am glad you sent for me," he said. "I shall just have time to get to the course before the first race."

"Would it matter if you missed it?" said Fraser quietly.

"No actual damage would be done if I did miss it. Still, I'd rather be there; I promised to meet some friends."

"Then I conclude you agree with me and will buy?"

"Certainly; it will be a great stroke of business. I wonder if others are thinking of the same thing?"

"They do not know as much as we—yet," replied Fraser.

"Will you join me at Trent Park for the weekend?" said Alan. "There will be no visitors."

"With pleasure," replied Fraser. "I always enjoy a few days at your lovely place."

On Friday Duncan went to Trent Park. Alan welcomed him cordially, although he had half repented asking him: the manager's presence always seemed to subdue everything, even Alan's exuberant spirits. This feeling, however, quickly vanished on the present occasion, for Duncan Fraser was in an unusually cheerful mood and for once in a way left business behind him.

Alan had to meet a prospective buyer at the Stud, and as Duncan knew nothing, and cared less, about horses he preferred to go for a stroll in the Park. During his walk he met Eve Berkeley and her friend, Ella Hallam. The manager saw little of ladies' society, but he knew Eve and liked her; he could hardly fail to be attracted by her.

He went to The Forest with them and remained for lunch. He knew Alan would not miss him, probably surmise where he was. He rather liked Ella, she was unaffected and talked freely on many subjects; when he left she told Eve she thought him a very agreeable man.

Eve laughed as she replied:

"He is a very sensible man. It is lucky for Alan he has him in charge at Chesney's, or I'm afraid the business would be sadly neglected."

"Is Mr. Chesney not a good business man?" asked Ella.

"Not according to Mr. Fraser."

Ella was rather disappointed she had not met Alan Chesney since her stay at The Forest. She wondered why he did not call; Eve told her he often came.

Duncan Fraser explained where he had been and pronounced in favor of
Ella Hallam.

"By Jove! I forgot all about her being at The Forest," said Alan. "I met her in Derby week, a jolly girl; I daresay she improves on acquaintance."

"She evidently did not make much of an impression on you," said Duncan smiling.

"I wonder how long she will stay?" said Alan, half to himself.

"I think she said she was going to London to meet her father."

"He's bringing one or two horses from Australia; he has a great opinion of them; I must try and convince him ours are better."

"Strange how some men are so fascinated by horses," said Fraser.

"You care nothing about them?" said Alan, with a tinge of contempt in his voice.

"No, they have never interested me; perhaps it is because I never had any spare time for them; I've been a worker all my life."

"You despise racing men?"

"Oh no; I think some of them are uncommonly sharp," said Duncan.

"They are too sharp sometimes," laughed Alan.