the loaf of bread. "What are your terms? You must
state them, sooner or later. Let us have them now."

"Agreed," Wingate replied. "The costs of that loaf is, I believe, to be
exact, one and tenpence ha'penny--one and tenpence ha'penny to poor
people whose staple food it is. When you sign an authority to sell wheat
in sufficient bulk to bring the cost down to sixpence, you can have the
loaf and go as soon as the sale is finished. You will find here," he went
on, laying a document upon the table, "a calculation which may help you.
Your approximate holdings of wheat may be exaggerated a trifle, although
these lists came from some one in your own office, but I think you will
find that the figures there will be of assistance to you when you decide
to give the word."

"Let me get this clearly into my head," Phipps begged, after a moment's
amazed silence, "without the possibility of any mistake. You mean that we
are to sell wheat at about sixty per cent, less than the present market
value--in many cases sixty per cent. less than we gave for it?"

"That, I imagine, will be about the position," Wingate admitted.

"The man is a fool!" Rees snarled. "It would mean ruin."

Wingate remained impassive.

"The British and Imperial Granaries, Limited," he said, "has been
responsible for the ruin of a good many people. It is time now that the
pendulum swung the other way.--Come, make up your minds."

"What if we refuse?" Dredlinton asked.

"You will be made a little more secure," Wingate explained, "your gags
fastened, and your arms corded to the backs of the chairs."

"But for how long?"

"Until you give the word."

"And supposing we never give the word?" Stanley Rees demanded.

"Then you sit there," Wingate replied, "until you die."

Dredlinton glanced covertly across at Phipps, and, finding no
inspiration there, turned to Wingate. The light of an evil imagining
shone in his eyes.

"This is a matter which we ought to discuss in private conference," he
said slowly. "What do you think, Phipps?"

"I agree--"

"I am afraid," Wingate interrupted suavely, "that Mr. Phipps' views
will not affect the situation. You three gentlemen are my treasured
and honoured guests. I shall not desert you--as a matter of fact, I
shall scarcely leave you, except upon your own business--until your
decision is made."

"Guests be damned!" Dredlinton exclaimed. "It's my house--not yours!"

"Mine for a short time by appropriation," Wingate an