And now it happened that the fortunes of Philip Carey, of no consequence to any but himself, were affected by the events through which his country was passing. History was being made, and the process was so significant that it seemed absurd it should touch the life of an obscure medical student. Battle after battle, Magersfontein, Colenso, Spion Kop, lost on the playing fields of Eton, had humiliated the nation and dealt the death-blow to the prestige of the aristocracy and gentry who till then had found no one seriously to oppose their assertion that they possessed a natural instinct of government. The old order was being swept away: history was being made indeed. Then the colossus put forth his strength, and, blundering again, at last blundered into the semblance of victory. Cronje surrendered at Paardeberg, Ladysmith was relieved, and at the beginning of March Lord Roberts marched into Bloemfontein.

It was two or three days after the news of this reached London that Macalister came into the tavern in Beak Street and announced joyfully that things were looking brighter on the Stock Exchange. Peace was in sight, Roberts would march into Pretoria within a few weeks, and shares were going up already. There was bound to be a boom.

"Now's the time to come in," he told Philip. "It's no good waiting till the public gets on to it. It's now or never."

He had inside information. The manager of a mine in South Africa had cabled to the senior partner of his firm that the plant was uninjured. They would start working again as soon as possible. It wasn't a speculation, it was an investment. To show how good a thing the senior partner thought it Macalister told Philip that he had bought five hundred shares for both his sisters: he never put them into anything that wasn't as safe as the Bank of England.

"I'm going to put my shirt on it myself," he said.

The shares were two and an eighth to a quarter. He advised Philip not to be greedy, but to be satisfied with a ten-shilling rise. He was buying three hundred for himself and suggested that Philip should do the same. He would hold them and sell when he thought fit. Philip had great faith in him, partly because he was a Scotsman and therefore by nature cautious, and partly because he had been right before. He jumped at the suggestion.

It seemed a capital system to Philip. You held on till you got your profit, and you never even had to put your hand in your pocket. He began to watch the Stock Exchange columns of the paper with new interest. Next day everything was up a little, and Macalister wrote to say that he had had to pay two and a quarter for the shares. He said that the market was firm. But in a day or two there was a set-back. The news that came from South Africa was less reassuring, and Philip with anxiety saw that his shares had fallen to two; but Macalister was optimistic, the Boers couldn't hold out much longer, and he was willing to bet a top-hat that Roberts would march into Johannesburg before the middle of April. At the account Philip had to pay out nearly forty pounds. It worried him considerably, but he felt that the only course was to hold on: in his circumstances the loss was too great for him to pocket. For two or three weeks nothing happened; the Boers would not understand that they were beaten and nothing remained for them but to surrender: in fact they had one or two small successes, and Philip's shares fell half a crown more. It became evident that the war was not finished. There was a lot of selling. When Macalister saw Philip he was pessimistic.

"I daresay we shall be able to sell before the account," said Macalister, "but if not, I'll arrange to carry them over for you."

Philip was sick with anxiety. He could not sleep at night; he bolted his breakfast, reduced now to tea and bread and butter, in order to get over to the club reading-room and see the paper; sometimes the news was bad, and sometimes there was no news at all, but when the shares moved it was to go down. He did not know what to do. If he sold now he would lose altogether hard on three hundred and fifty pounds; and that would leave him only eighty pounds to go on with. He wished with all his heart that he had never been such a fool as to dabble on the Stock Exchange, but the only thing was to hold on; something decisive might happen any day and the shares would go up; he did not hope now for a profit, but he wanted to make good his loss. It was his only chance of finishing his course at the hospital. The Summer session was beginning in May, and at the end of it he meant to take the examination in midwifery. Then he would only have a year more; he reckoned it out carefully and came to the conclusion that he could manage it, fees and all, on a hundred and fifty pounds; but that was the least it could possibly be done on.

"I'm not sure if the best thing wouldn't be to cut the loss. I've been paying out about as much as I want to in differences."

"I'm sailing for the Cape on Sunday."

"Are you!" exclaimed Philip.

Early in April he went to the tavern in Beak Street anxious to see Macalister. It eased him a little to discuss the situation with him; and to realise that numerous people beside himself were suffering from loss of money made his own trouble a little less intolerable. But when Philip arrived no one was there but Hayward, and no sooner had Philip seated himself than he said:

Hayward was the last person he would have expected to do anything of the kind. At the hospital men were going out now in numbers; the Government was glad to get anyone who was qualified; and others, going out as troopers, wrote home that they had been put on hospital work as soon as it was learned that they were medical students. A wave of patriotic feeling had swept over the country, and volunteers were coming from all ranks of society.

"What are you going as?" asked Philip.

"Oh, in the Dorset Yeomanry. I'm going as a trooper."

Philip had known Hayward for eight years. The youthful intimacy which had come from Philip's enthusiastic admiration for the man who could tell him of art and literature had long since vanished; but habit had taken its place; and when Hayward was in London they saw one another once or twice a week. He still talked about books with a delicate appreciation. Philip was not yet tolerant, and sometimes Hayward's conversation irritated him. He no longer believed implicitly that nothing in the world was of consequence but art. He resented Hayward's contempt for action and success. Philip, stirring his punch, thought of his early friendship and his ardent expectation that Hayward would do great things; it was long since he had lost all such illusions, and he knew now that Hayward would never do anything but talk. He found his three hundred a year more difficult to live on now that he was thirty-five than he had when he was a young man; and his clothes, though still made by a good tailor, were worn a good deal longer than at one time he would have thought possible. He was too stout and no artful arrangement of his fair hair could conceal the fact that he was bald. His blue eyes were dull and pale. It was not hard to guess that he drank too much.

Philip was silent. He felt rather silly. He understood that Hayward was being driven by an uneasiness in his soul which he could not account for. Some power within him made it seem necessary to go and fight for his country. It was strange, since he considered patriotism no more than a prejudice, and, flattering himself on his cosmopolitanism, he had looked upon England as a place of exile. His countrymen in the mass wounded his susceptibilities. Philip wondered what it was that made people do things which were so contrary to all their theories of life. It would have been reasonable for Hayward to stand aside and watch with a smile while the barbarians slaughtered one another. It looked as though men were puppets in the hands of an unknown force, which drove them to do this and that; and sometimes they used their reason to justify their actions; and when this was impossible they did the actions in despite of reason.

"What on earth made you think of going out to the Cape?" asked Philip.

"Oh, I don't know, I thought I ought to."

"I was examined yesterday," he remarked at last. "It was worth while undergoing the gene of it to know that one was perfectly fit."

Hayward smiled, slightly embarrassed, and said nothing.

"I wanted to see you, Carey," he said. "My people don't feel inclined to hold those shares any more, the market's in such an awful state, and they want you to take them up."

"People are very extraordinary," said Philip. "I should never have expected you to go out as a trooper."

"I don't know that I think that's worth while. You'd better sell them."

Philip noticed that he still used a French word in an affected way when an English one would have served. But just then Macalister came in.

Philip's heart sank. He knew that was impossible. It meant that he must accept the loss. His pride made him answer calmly.

"It's all very fine to say that, I'm not sure if I can. The market's stagnant, there are no buyers."

"But they're marked down at one and an eighth."

"Oh yes, but that doesn't mean anything. You can't get that for them."

Philip did not say anything for a moment. He was trying to collect himself.

"D'you mean to say they're worth nothing at all?"

"Then you must just sell them for what you can get."

Macalister looked at Philip narrowly. He wondered whether he was very hard hit.

"Oh, I don't say that. Of course they're worth something, but you see, nobody's buying them now."

"I'm awfully sorry, old man, but we're all in the same boat. No one thought the war was going to hang on this way. I put you into them, but I was in myself too."

"It doesn't matter at all," said Philip. "One has to take one's chance."

He moved back to the table from which he had got up to talk to Macalister. He was dumfounded; his head suddenly began to ache furiously; but he did not want them to think him unmanly. He sat on for an hour. He laughed feverishly at everything they said. At last he got up to go.

"You take it pretty coolly," said Macalister, shaking hands with him. "I don't suppose anyone likes losing between three and four hundred pounds."

When Philip got back to his shabby little room he flung himself on his bed, and gave himself over to his despair. He kept on regretting his folly bitterly; and though he told himself that it was absurd to regret for what had happened was inevitable just because it had happened, he could not help himself. He was utterly miserable. He could not sleep. He remembered all the ways he had wasted money during the last few years. His head ached dreadfully.

The following evening there came by the last post the statement of his account. He examined his pass-book. He found that when he had paid everything he would have seven pounds left. Seven pounds! He was thankful he had been able to pay. It would have been horrible to be obliged to confess to Macalister that he had not the money. He was dressing in the eye-department during the summer session, and he had bought an ophthalmoscope off a student who had one to sell. He had not paid for this, but he lacked the courage to tell the student that he wanted to go back on his bargain. Also he had to buy certain books. He had about five pounds to go on with. It lasted him six weeks; then he wrote to his uncle a letter which he thought very business-like; he said that owing to the war he had had grave losses and could not go on with his studies unless his uncle came to his help. He suggested that the Vicar should lend him a hundred and fifty pounds paid over the next eighteen months in monthly instalments; he would pay interest on this and promised to refund the capital by degrees when he began to earn money. He would be qualified in a year and a half at the latest, and he could be pretty sure then of getting an assistantship at three pounds a week. His uncle wrote back that he could do nothing. It was not fair to ask him to sell out when everything was at its worst, and the little he had he felt that his duty to himself made it necessary for him to keep in case of illness. He ended the letter with a little homily. He had warned Philip time after time, and Philip had never paid any attention to him; he could not honestly say he was surprised; he had long expected that this would be the end of Philip's extravagance and want of balance. Philip grew hot and cold when he read this. It had never occurred to him that his uncle would refuse, and he burst into furious anger; but this was succeeded by utter blankness: if his uncle would not help him he could not go on at the hospital. Panic seized him and, putting aside his pride, he wrote again to the Vicar of Blackstable, placing the case before him more urgently; but perhaps he did not explain himself properly and his uncle did not realise in what desperate straits he was, for he answered that he could not change his mind; Philip was twenty-five and really ought to be earning his living. When he died Philip would come into a little, but till then he refused to give him a penny. Philip felt in the letter the satisfaction of a man who for many years had disapproved of his courses and now saw himself justified.