meditated some dreadful punishment for Miles Grendall, but, in the meantime, felt himself unable to oppose him at the Board. Since the day at which the aces had been manipulated at the club he had not spoken to Miles Grendall except in reference to the affairs of the whist-table. The "Board" was now commenced as usual. Miles read the short record out of the book,--stumbling over every other word, and going through the performance so badly that had there been anything to understand no one could have understood it. "Gentlemen," said Mr. Melmotte, in his usual hurried way, "is it your pleasure that I shall sign the record?" Paul Montague rose to say that it was not his pleasure that the record should be signed. But Melmotte had made his scrawl, and was deep in conversation with Mr. Cohenlupe before Paul could get upon his legs. Melmotte, however, had watched the little struggle. Melmotte, whatever might be his faults, had eyes to see and ears to hear. He perceived that Montague had made a little struggle and had been cowed; and he knew how hard it is for one man to persevere against five or six, and for a young man to persevere against his elders. Nidderdale was filliping bits of paper across the table at Carbury. Miles Grendall was poring over the book which was in his charge. Lord Alfred sat back in his chair, the picture of a model director, with his right hand within his waistcoat. He looked aristocratic, respectable, and almost commercial. In that room he never by any chance opened his mouth, except when called on to say that Mr. Melmotte was right, and was considered by the chairman really to earn his money. Melmotte for a minute or two went on conversing with Cohenlupe, having perceived that Montague for the moment was cowed. Then Paul put both his hands upon the table, intending to rise and ask some perplexing question. Melmotte saw this also and was upon his legs before Montague had risen from his chair. "Gentlemen," said Mr. Melmotte, "it may perhaps be as well if I take this occasion of saying a few words to you about the affairs of the company." Then, instead of going on with his statement, he sat down again, and began to turn over sundry voluminous papers very slowly, whispering a word or two every now and then to Mr. Cohenlupe. Lord Alfred never changed his posture and never took his hand from his breast. Nidderdale and Carbury filliped their paper pellets backwards and forwards. Montague sat profoundly listening,--or ready to listen when anything should be said. As the chairman had risen from his chair to commence his statement, Paul felt that he was bound to be silent. When a speaker is in possession of the floor, he is in possession even though he be somewhat dilatory in looking to his references, and whispering to his neighbour. And, when that speaker is a chairman, of course some additional latitude must be allowed to him. Montague understood this, and sat silent. It seemed that Melmotte had much to say to Cohenlupe,