The young man's father--now happily deceased--had offered an instructive example of social and religious survival--survival, to be explicit, of the once famous Clapham Sect, and that in its least agreeable aspect. His theology was that of obstinately narrow misinterpretation of the Scriptures; his piety that of self-invented obligations; his virtue that of unsparing condemnation of the sins of others. His domestic morality was Hebraic--death kindly playing into his hands in regard of it. He married four times--Reginald, the only child of his fourth marriage, having the further privilege of being his only son. The boy was delicate and of a strumous habit. This fact, combined with his parents' ingrained conviction that a public school is synonymous, morally speaking, with a common sewer, caused his education to be conducted at home by a series of tutors as undistinguished by birth as by scholarship--tentative apologetic young men, the goal of whose ambitions was a wife and a curacy, failing which they resigned themselves to the post of usher in some ultra-Protestant school. Sport in all its forms, art and literature, being alike forbidden, the boy's hungry energy had found no reasonable outlet. He had been miserable, peevish, ailing, until at barely eighteen--after a discreditable episode with a scullery-maid--he had been shipped off to New York to learn business in the house of certain brokers and bill-discounters with whom Messrs. Barking Brothers had extensive financial relations. Life in the land of the Puritans was not, even at that time of day, inevitably immaculate. Freedom from parental supervision and the American climate went to the lad's head. He passed through a phase of commonplace but secret vice, emerging there-from with an unblemished social reputation; a blank scepticism in matters religious, combined with bitter animosity against the Deity whom he declared non-existent; and a fiercely driving ambition, not so much for wealth in itself, as for that control ever the destinies of men, and even of nations, with which wealth under modern conditions endows its possessor. He was a pale, dry, lizard-like young man, suggesting light without heat, and excitement without emotion. Early in his career he recognised that the great sources of wealth and power lie with the younger countries, in the development of their natural and industrial resources, of their railways and other forms of transport. The phenomenal advance of America, for example, was due to her enormous territory and the opportunities of expansion, with the bounds of nationality, which this afforded her people. But he also recognised that America was essentially for the Americans, and that it was useless for an outsider, however skilful, however even unscrupulous, to pit his business capacity against that of the native born. His dreams of power and speculative activity directed themselves, consequently, to the British