. I mean every word of it, and I know this, too: cotton
can be bought at great advantage just now, and trade's good. What do
you think of it?"

"I have had no time to think yet," said Paul. "Give me till to-morrow
night and let me look round a bit. But tell me this, what shed can we
hire?"

"There's a shed at the back of St. James's Street," replied Preston.
"I was looking at it only to-day. It'll suit us down to the ground,
and we can get it cheap."

For an hour or more they talked, Paul asking keen, searching questions,
which could only have been thought of by one who had thoroughly
mastered the mysteries of cotton-weaving. Afterwards he went to bed,
and thought long on the experiences of the day.

The next morning the town presented a new aspect. It no longer looked
_en fete_, as on the previous evening. On every hand halt-consumed
coals and strange smelling steams were being emitted from a hundred
factories. The streets were empty save for heavy lorries and tramcars.
Presently, at twelve o'clock, the mills would belch forth thousands of
pale-faced operatives, who for long hours had been standing at the
looms, but who, at present, were immured in those great noisome,
prison-like buildings which form the main features of the town.

Paul made several visits that morning, and presently found his way to
the empty weaving shed of which Preston had spoken the previous
evening. After some difficulty he had an interview with its owner.
Preston had told him that Fletcher was anxious to let this shed. It
had been on his hands for several months, and no one seemed to want it.
To his surprise, therefore, Fletcher met him coolly. "Well, they've
let you out?" he said to Paul.

"Evidently, or I should not be here," laughed Paul.

"Well, be careful not to get up to your larks again!" said the other,
and his tones were almost surly.

Paul took notice of this gibe, but as soon as he thought wise brought
the conversation round to the object of his visit.

"I don't know that it's to let," replied Fletcher.

"No?" queried Paul. "Then I must have been misinformed."

"It wur to let," said Fletcher, "and I don't say it isn't now, but I'm
noan sure."

"Why, George Preston told me yesterday that you had practically given
him the refusal of it."

"Ay, practically, but that noan settles the business. I've had another
offer since then."

"May I ask who has made the offer?" asked Paul.

"Thou may ask, but I don't