Of course, if all the wheat that's being stored in the country under the auspices of the B.& I.stood in their own name, the matter would appear in a different light, but they've been infernally clever with all these subsidiary companies.

They own a majority of shares in each, without a doubt, but they conduct their transactions as though they were absolutely independent concerns." Wingate studied the figures in the document he was holding for some minutes in thoughtful silence.

The telephone rang at Kendrick's elbow.

He picked up the receiver and listened.
"That Kendrick ?" a voice enquired.
"Speaking," Kendrick answered.
"This is Peter Phipps, from right away opposite.

Say, I am told that John Wingate of New York is a client of yours." Kendrick passed across the spare receiver to Wingate and paused for a moment whilst the latter held it to his ear.
"He is," Kendrick admitted.
"Well, I am given to understand that he is coming into the City to do business," Phipps continued.