distinctly to understand that once this venture had been wound up they intended to sever all business connection. It would surely have been far more honest and wise had he seen fit to tell them the true situation instead of insisting each time he wrote that the business was just on the verge of reviving. He had' known that one of them was at the front, while the others were engrossed by important war-work and on this they all felt that he had presumed; indeed they were not sure that after the war they would not immediately start a proces unless he fell in with their decision at once, abiding in every respect by their wishes. These and many other statements that letter contained, none of which was very easy to stomach. A nice kettle of fish and no mistake. Kahn twisted and turned like a rat in a trap, while feeling himself to be utterly helpless. They were three to one, they were adamant, and the Galeries Kahn would have to go — he was overwhelmed by an immense self-pity. And true it was that every centime he possessed had been risked for the sake of those dreams of his, quite as much as for personal ambitions. Those dreams had already cost him his savings, his rings, his gold watch, even Beauvais' picture. Yes, even the picture had been sold in the end to a disagreeable and close- fisted dealer. Nor had Kahn shrunk from subduing the flesh, cutting down his food and wine and tobacco; denying himself the society of a certain large-hearted lady at Saint Raphael; for into the conception of the Galeries Kahn as into that of those jerry-built villas, had gone something of the man's very body and soul; he had fathered them as men father their children. They had leapt in the womb of a sorry ideal -— an ideal that had meant more to him than women. Anatole Kahn looked around his shop. He looked at the gilt that the salt air had tarnished, at the cheap cerise satin and cheaper plush that the careless sun 373