'What a curious, profane, hard-featured set of men these Americans are!' thought John, as he stepped briskly away in the direction of his senior partner's house. 'Why, the mind of that skipper is exactly of the same temper as Bill's; his features are as irregular, even his voice has the same twanging, nasal habit. However, he means business evidently, and I think I can persuade Mr. William to buy up his cargo, which will put, I imagine, a pretty stiff spoke in Bill's wheel.' Within a quarter of an hour John was on Mr. William's doorstep, and ten minutes afterwards was explaining the strategical position to the senior partner in his dressing-gown. 'Certainly, John,' said Mr. William slowly, after listening attentively to John's recital; 'we couldn't possibly have Coody on our Board; it wouldn't do at all. Why, he's a mere adventurer, and his method of under-cutting, "busting" people up, etc., would bring discredit upon our firm and have a bad effect upon our business. No, it's quite evident, John, as you say, that we can't square him--as to how far he means business, I don't know. I incline to think he is bluffing us; but there isn't time to find out how much he has up his sleeve; and if we buy up this cargo we trump his ace, you think, and can make a profit out of it ourselves at the stores after? Well, I daresay you're right, John; and, after all, £400 won't ruin us. We buy his cargo, and as he can't "bear" the shares, he'll be like a chained dog showing his teeth, but doing no damage. Yes, I think it is an excellent idea, John,' Mr. William said in conclusion, 'and if you'll wait one minute I'll give you the cheque for £400.' By ten o'clock that morning John had completed his defences; the cargo was bought; he held an indemnity against any claims from the skipper and owners of the goods in question; he had made an inquiry at the Old Bank, and now was sitting down at the office to write a short note marked 'private' to Bill, to tell him it was to be 'war to the knife.' 'And I may tell thee, Bill, that thee had better give in with a good grace; for, in the first place, thee cannot sell the shares below par--_vide_ the Articles of Association, paragraph 10--and, in the second, we have bought up thy cargo; and, finally, I feel assured that stores managed on thy suggested lines would never bring a blessing with them. Thou saidst it was to be "war to the knife," but we hope thee will think better of it, for thy sake more than for our own,' and with a friendly warning John finished his letter, and despatched it by hand to 'William Coody, Esq.' Late that afternoon, just as John was leaving the office, a letter was brought to him in Bill's handwriting. It ran as follows: