Tjaelde. (calls after him in a whisper). Send up some wine and cakes!--It is just as I suspected! (Catches sight of himself in a mirror.) Good Lord, how bad I look! (Turns away painfully from the mirror; looks in it again, forces a smile to his face, and so, smiling, goes towards the verandah, where BERENT is seen coming in slowly from the left.)

Tjaelde (greeting BERENT politely but with reserve). I feel honoured at receiving a visit from so distinguished a man.

Berent. Mr. Tjaelde, I believe?

Tjaelde. At your service! My eldest daughter has just been telling me that she had seen you walking about my property.

Berent. Yes; an extensive property--and an extensive business.

Tjaelde. Too extensive, Mr. Berent. Too many-sided. But one thing has led to another. Pray sit down.

Berent. Thank you; it is very warm to-day. (A maid brings in cakes and wine, and puts them on the table.)

Tjaelde. Let me give you a gla.s.s of wine?

Berent. No, thank you.

Tjaelde. Or something to eat?

Berent. Nothing, thank you.

Tjaelde (taking out his cigar-case). May I offer you a cigar? I can answer for their quality.

Berent. I am very fond of a good cigar. But for the moment I will not take anything, thank you! (A pause. TJAELDE takes a seat.)

Tjaelde (in a quiet, confidential voice). Have you been long here, Mr.

Berent?

Berent. Only a day or two. You have been away, have you not?

Tjaelde. Yes--that unhappy affair of Mr. Moller's. A meeting of creditors after the sale.

Berent. Times are hard just now.

Tjaelde. Extraordinarily so!

Berent. Do you think that Moller's failure will bring down any more firms with it-besides those we know of already, I mean?

Tjaelde. I don't think so. His--his misfortune was an exceptional case in every respect.

Berent. It has made the banks a little nervous, I hear.

Tjaelde. I dare say.

Berent. Of course you know the state of affairs here better than any one.

Tjaelde. (with a smile). I am very much indebted to you for your flattering confidence in me.

Berent. I suppose all this might have a bad effect upon the export trade of this part of the country?

Tjaelde. Yes--it is really hard to tell; but the important thing certainly is to keep every one on their legs.

Berent. That is your opinion?

Tjaelde. Undoubtedly.

Berent. As a general rule a crisis of this sort shows up the unsound elements in a commercial community.

Tjaelde (with a smile). And for that reason this crisis should be allowed to take its natural course, you mean?

Berent. That is my meaning.

Tjaelde. Hm!--In some places it is possible that the dividing line between the sound firms and the unsound may not be very distinct.

Berent. Can there really be any danger of such a thing here?

Tjaelde. Well--you are expecting too much of my knowledge of affairs; but I should be inclined to think that there may. (A pause.)

Berent. I have been instructed by the banks to prepare an opinion upon the situation--a fact which I have, so far, only confided to you.

Tjaelde. I am much obliged.

Berent. The smaller local banks here have combined, and are acting in concert.

Tjaelde. Indeed? (A pause.) I suppose you have seen Mr. Holst, then?

Berent. Of course. (A pause.) If we are to a.s.sist the sound firms and leave the others to their fate, the best way will certainly be for all alike to disclose their actual position.

Tjaelde. Is that Mr. Holst's opinion too?

Berent. It is. (A pause.) I have advised him for the present--at all events till we have all the balance-sheets--to say "no" to every request for an advance, without exception.

Tjaelde. (with a look of relief). I understand!

Berent. Only a temporary measure, of course--

Tjaelde. Quite so!

Berent.--but one that must apply to every one impartially.

Tjaelde. Admirable!

Berent. Not to treat every one alike would be to run the danger of throwing premature suspicion on individuals.

Tjaelde. I quite agree.

Berent. I am delighted to hear it. Then you will not misunderstand me if I ask you also to prepare a balance-sheet which shall show the actual position of your firm.