what has been called a happy hypocrite. At least you fellows may think I've been guilty of a bit of a fake in this last affair, when I tell you the news. Well, I will confess."

"What news do you mean? "inquired the Colonel with curiosity.

Hilary Pierce grinned and made a gesture over his shoulder to the litter of porcine parachutes, to indicate his last and crowning folly.

"The truth is," he said laughing, "that was only a final firework display to celebrate victory or failure, whichever, you choose to call it. There isn't any need to do any more, because the veto is removed."

"Removed?" exclaimed Hood. "Why on earth is that? It's rather unnerving when lunatics suddenly go sane like that."

"It wasn't anything to do with the lunatics," answered Pierce quietly. "The real change was much higher up, or rather lower down. Anyhow, it was much farther at the back of things, where the Big Businesses are settled by the big people."

"What was the change?" asked the Colonel.

"Old Oates has gone into another business," answered Pierce quietly.

"What on earth has old Oates to do with it?" asked Hood staring. "Do you mean