matter would appear in a different light, but they've been infernally
clever with all these subsidiary companies. They own a majority of shares
in each, without a doubt, but they conduct their transactions as though
they were absolutely independent concerns."

Wingate studied the figures in the document he was holding for some
minutes in thoughtful silence. The telephone rang at Kendrick's elbow. He
picked up the receiver and listened.

"That Kendrick?" a voice enquired.

"Speaking," Kendrick answered.

"This is Peter Phipps, from right away opposite. Say, I am told that John
Wingate of New York is a client of yours."

Kendrick passed across the spare receiver to Wingate and paused for a
moment whilst the latter held it to his ear.

"He is," Kendrick admitted.

"Well, I am given to understand that he is coming into the City to do
business," Phipps continued. "If he is in any way disposed to be a
seller, we are buyers of wheat for autumn delivery at market price,
perhaps even a shade over."

"Any quantity?" Kendrick enquired.

"A hundred thousand--anything up to a million bushels, if Mr. Wingate
feels like coming in big. Anyway, we're ready to talk business. Will you