d Mr. Fyshe thoughtfully, "it's the same thing as what we
called 'permissible policy' on the part of directors in the Tin Pot
Combination."

"Exactly," assented Mr. Skinyer, "and it means that for the merger we
need nothing--I state it very frankly--except general consent."

* * * * *

The preliminary stages of the making of the merger followed along
familiar business lines. The trustees of St. Asaph's went through the
process known as 'approaching' the trustees of St. Osoph's. First of
all, for example, Mr. Lucullus Fyshe invited Mr. Asmodeus Boulder of
St. Osoph's to lunch with him at the Mausoleum Club; the cost of the
lunch, as is usual in such cases, was charged to the general expense
account of the church. Of course nothing whatever was said during the
lunch about the churches or their finances or anything concerning them.
Such discussion would have been a gross business impropriety. A few
days later the two brothers Overend dined with Mr. Furlong senior, the
dinner being charged directly to the contingencies account of St.
Asaph's. After which Mr. Skinyer and his partner, Mr. Beatem, went to
the spring races together on the Profit and Loss account of St.
Osoph's, and Philippa Overend and Catherine Dumfarthing were taken (by
the Unforeseen Disbursements Account) to the grand opera, followed by a
midnight supper.

All of these things constituted what was called the promotion of the
merger and were almost exactly identical with the successive stages of
the making of the Amalgamated Distilleries and the Associated Tin Pot
Corporation; which was considered a most hopeful sign.

* * * * *

"Do you think they'll go into it?" asked Mr. Newberry of Mr. Furlong
senior, anxiously. "After all, what inducement have they?"

"Every inducement," said Mr. Furlong. "All said and done they've only
one large asset--Dr. Dumfarthing. We're really offering to buy up Dr.
Dumfarthing by pooling our assets with theirs."

"And what does Dr. Dumfarthing himself say to it?"

"Ah, there I am not so sure," said Mr. Furlong; "that may be a
difficulty. So far there hasn't been a word from him, and his trustees
are absolutely silent about his views. However, we shall soon know all
about it. Skinyer is asking us all to come together one evening next
week to draw up the articles of agreement."

"Has he got the financial basis arranged then?"

"I believe so," said Mr. Furlong. "His idea is to form