William laughed. 'I'll call you tomorrow.'

'Yes, please do. By the way, many congratulations. I approve of Charles Lester's judgment even if I'm going to hate living in New York.'

It was the first time William had thought about living in New York.

William arrived at Peter Parfitt's home on East Sixty - fourth Street at eight o'clock that night and was taken by surprise to find his host had dressed for dinner. William felt slightly embarrased and ill at east in his dark banker's suit. He quickly explained to his hostess that he had originally anticipated returning to Boston that evening. Diana Parfitt, who turned out to be Peter's second wife, could not have been more charming to her guest, and she seemed delighted that William was to be the next chairman of Lester's. During an excellent dinner William could not resist asking. Peter Parfitt how he thought the rest of the board would react to Charles Lester's wishes.

'They'll all fall in line,' said Parfitt. 'I've spoken to most of them already. There's a full board meeting on Monday morning to confirm your appointment and I can only see one small cloud on the horizon!

'Whaes that?' said William, trying not to sound anxious.

'Well, between you and me, the other vice - chairman, Ted Leach, was rather expecting to be appointed chairman himself. In fact, I think I would go as far as saying that he antidpated it. We had all been informed that no nomination could be made until after the ~Arill had been read, but Charles Lester's wishes must have come as rather a shock to Ted!

'Will he put up a fightFasked William.

'I'm afraid he might, but there's nothing for you to worry about!

'I don't mind admitting,' said Diana Parfitt, as she studied the rather flat soufl1e in front of her, 'that he has never been my favourite man.'

'Now, dear,' said Parfitt reprovingly, 'we mustn't say anyw thing behind Ted's back before Mr. Kane has had a chance to judge for himself. There is no doubt in my mind that the board will confirm Mr. Kane's appointment at the meeting on Monday, and there's even the possibility that Ted Leach will resign!

'I don't want anyone to feel they have to resign because of me,'said William.

'A very creditable sentiment,' said Parfitt. 'But don't bother yourself about a puff of wind. I'm confident that the whole matter is well under control. You go quietly back to Boston tomorrow, and I'll keep you informed on the lay of the land.'

'Perhaps it might be wise if I dropped in at the bank in the morning.

Won't your fellow officers find it a little curious if I make no attempt to meet any of them?'

'No, I don't think that would be advisable given the cir - curnstances, In fact, I feel it might be wiser for you to stay out of their way until the Monday board meeting is over. They won't want to seem any less independent than necessary, and they may already feel like glorified rubber stamps. Take my advice, Bill, you go back to Boston, and I'll call you with the good news before noon on Monday!

William reluctantly agreed to Peter Parfitt's suggestion and went on to spend a pleasant evening discussing with both of them where he and Kate might stay in New York while they were looking for a permanent home.

William was somewhat surprised to find that Peter Parfitt seemed to have no desire to discuss his own views on banking, and he assumed the reason was because of Diana Parfites presence. An excellent evening ended with a little too much brandy, and William did not arrive back at the Harvard Club until after one o'clock.

Once William had returned to Boston he made an immediate report to Tony Simmons of what had transpired in New York as he did not want him to hear about the appointment from anyone else. Tony turned out to be surprisingly sanguine about the news.

'I'm sorry to learn that you will be leaving us, William. Lester's may well be two or three times the size of Kane and Cabot, but I shall be unable to replace you, and I hope you'll consider very carefully before accepting the appointment!

William was surprised and couldn't help showing it. 'Frankly, Tony, I would have thought you'd have been only too glad to see the back of me.'

'William, when will you ever believe that my first interest has always been the bank, and there has never been any doubt in my mind that you are one of the shrewdest investment advisers in America today? If you leave Kane and Cabot now, many of the bank's most important clients will naturally want to follow you.'

'I would never transfer my own money to Lester's,' said William, 'any more than I would expect any of the bank's clients to move with me.'