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are sighing again. I am sure you know how horrid it is for those you love not to have what they want. You won't be so unkind to us, father?

Tjaelde. No, my child, it can't be done.

Signe. Why?

Tjaelde. Because--because--well, because now that it is summer time so many people will be coming here whom we shall have to entertain.

Signe. But entertaining people is the most tiresome thing I know, and Hamar agrees with me.

Tjaelde. Don't you think I have to do tiresome things sometimes, my girl?

Signe. Father dear, why are you talking so solemnly and ceremoniously? It sounds quite funny from you!

Tjaelde. Seriously, my child, it is by no means an unimportant matter for a big business house like ours, with such a wide-spread connection, that people coming here from all quarters should find themselves hospitably received. You might do that much for me.

Signe. Hamar and I will never have a moment alone at that rate.

Tjaelde. I think you mostly squabble when you are alone.

Signe. Squabble? That is a very ugly word, father.

Tjaelde. Besides, you would be no more alone if you were in town.

Signe. Oh, but it is quite different there!

Tjaelde. So I should think--from the way you throw your money about!

Signe (laughing). Throw our money about! What else have we to do? Isn't that what we are for? Daddy, listen--dear old dad--

Tjaelde. No, dear--no.

Signe. You have never been so horrid to me before.

Hamar (who has been making signs to her to stop, whispers). Can't you be quiet! Don't you see he is put out about something?

Signe (whispering). Well, you might have backed me up a little.

Hamar (as before). No, I am a bit wiser than you.

Signe (as before). You have been so odd lately. I am sure I don't know what you want?

Hamar (as before). Oh, well, it doesn't matter now--because I am going to town alone.

Signe (as before). What are you going to do?

Hamar (going). I am going to town alone. I am sick of this!

Signe (following him). Just you try! (Both go out by the verandah, to the right. TJAELDE lets the newspapers fall out of his hands with a heavy sigh.)

Valborg (looking in from the verandah). Father! (TJAELDE starts.) There goes Mr. Berent, the lawyer from Christiania.

Tjaelde (getting up). Berent? Where? On the wharf?

Valborg. Yes. (Comes back into the room. TJAELDE looks out of the window.) The reason I told you was because I saw him yesterday at the timber-yard, and a little while before that, at the brewery and at the works.

Tjaelde (to himself). What can that mean? (Aloud.) Oh, I know he is very fond of making little trips to all sorts of places in the summer. This year he has come here--and no doubt he likes to see the chief industries of the place. There is not much else here to see! But are you sure it is he? I think--

Valborg (looking out). Yes, it is he. Look now, you know his walk--

Tjaelde.--and his trick of crossing his feet--yes, it is he. It looks as if he were coming here.

Valborg. No, he has turned away.

Tjaelde. All the better! (To himself, thoughtfully.) Could it possibly mean--? (SANNAES comes in from the right.)

Sannaes. Am I disturbing you, sir?

Tjaelde. Is that you, Sannaes? (SANNAES, as he comes forward, sees VALBORG standing by the farther window. He appears frightened and hides his hands quickly behind his back.) What do you want? (VALBORG looks at SANNAES, then goes on to the verandah and out to the right.) What is it, man? What the deuce are you standing there for?

Sannaes (bringing his hands from behind his back as soon as VALBORG has passed him, and looking after her.) I didn't like to ask you, before Miss Valborg, whether you are coming down to your office to-day or not.

Tjaelde. Have you gone mad? Why on earth shouldn't you ask me that before Miss Valborg?

Sannaes. I mean that--if not--I should like to speak to you here, if it is convenient.

Tjaelde. Look here, Sannaes, you ought to try and get rid of your shyness; it doesn't suit a business man. A business man should be smart and active, and not let his wits go wool-gathering because he finds himself in the same room with a woman. I have often noticed it in you.--Now, what is it? Out with it!

Sannaes. You are not coming to the office this morning, sir?

Tjaelde. No, there is no post goes out before this evening.

Sannaes. No. But there are some bills of exchange--

Tjaelde. Bills? No.

Sannaes. Yes, sir--that fourth one of Moeller's that was protested, and the big English one.

Tjaelde (angrily). Have they not been met yet? What does this mean?

Sannaes. The manager of the bank wanted to see you first, sir!

Tjaelde. Have you gone crazy--? (Collects himself.) There must be some misunderstanding, Sannaes.

Sannaes. That is what I thought; so I spoke about it to the chief clerk, and to Mr. Holst as well.

Tjaelde. And Mr. Holst said--?

Sannaes. The same thing.

Tjaelde (walking up and down). I will go and see him--or rather, I _won't_ go and see him; because this is evidently something that--. We have some days' grace yet, haven't we?

Sannaes. Yes, sir.

Tjaelde. And still no telegram from Mr. Lind?

Sannaes. No, sir.

Tjaelde (to himself). I can't understand it. (Aloud.) We will negotiate this matter direct with Christiania, Sannaes. That is what we will do--and leave these little local banks alone in future. That will do, Sannaes! (Makes a gesture of dismissal. Then says to himself:) That damned Moeller! It has made them all suspicious! (Turns round and sees SANNAES still there.) What are you waiting for?

Sannaes. It is settling day--and I have no money in the safe.

Tjaelde. No money in the safe! A big business like this, and nothing in the safe on settling day! What kind of management is that, I should like to know? Must I teach you the A B C of business over and over again? One can never take a half day off, or hand over the control! of the tiniest part of the business--! I have no one, absolutely no one, that I can rely on! How have you let things get into such a state?

Sannaes. Well, there was a third bill, which expired to-day--Holm and Co., for L400. I had relied upon the bank, unfortunately--so there was nothing for it but to empty the safe--here and at the brewery as well.

Tjaelde (walking about restlessly). Hm--hm--hm!--Now, who can have put that into Holst's head?--Very well, that will do. (Dismisses SANNAES, who goes out but comes back immediately.)

Sannaes (whispering). Here is Mr. Berent!

Tjaelde (surprised). Coming here?

Sannaes. He is just coming up the steps! (Goes out by the further door on the right.)

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 glass 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. Moeller's. A meeting of creditors after the sale.

Berent. Times are hard just now.

Tjaelde. Extraordinarily so!

Berent. Do you think that Moeller'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 assist 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.

Tjaelde. With the greatest pleasure, if by doing so
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