During the following fortnight, two things happened which materially altered Mike's position in the bank.

The first was that Mr Bickersdyke was elected a member of Parliament. He got in by a small majority amidst scenes of disorder of a nature unusual even in Kenningford. Psmith, who went down on the polling-day to inspect the revels and came back with his hat smashed in, reported that, as far as he could see, the electors of Kenningford seemed to be in just that state of happy intoxication which might make them vote for Mr Bickersdyke by mistake. Also it had been discovered, on the eve of the poll, that the bank manager's opponent, in his youth, had been educated at a school in Germany, and had subsequently spent two years at Heidelberg University. These damaging revelations were having a marked effect on the warm-hearted patriots of Kenningford, who were now referring to the candidate in thick but earnest tones as 'the German Spy'.

'So that taking everything into consideration,' said Psmith, summing up, 'I fancy that Comrade Bickersdyke is home.'

And the papers next day proved that he was right.

'A hundred and fifty-seven,' said Psmith, as he read his paper at breakfast. 'Not what one would call a slashing victory. It is fortunate for Comrade Bickersdyke, I think, that I did not send those very able speeches of his to the _Clarion'_.

Till now Mike had been completely at a loss to understand why the manager had sent for him on the morning following the scene about the cheque, and informed him that he had reconsidered his decision to dismiss him. Mike could not help feeling that there was more in the matter than met the eye. Mr Bickersdyke had not spoken as if it gave him any pleasure to reprieve him. On the contrary, his manner was distinctly brusque. Mike was thoroughly puzzled. To Psmith's statement, that he had talked the matter over quietly with the manager and brought things to a satisfactory conclusion, he had paid little attention. But now he began to see light.

'Great Scott, Smith,' he said, 'did you tell him you'd send those speeches to the papers if he sacked me?'

Psmith looked at him through his eye-glass, and helped himself to another piece of toast.

'I am unable,' he said, 'to recall at this moment the exact terms of the very pleasant conversation I had with Comrade Bickersdyke on the occasion of our chance meeting in the Turkish Bath that afternoon; but, thinking things over quietly now that I have more leisure, I cannot help feeling that he may possibly have read some such intention into my words. You know how it is in these little chats, Comrade Jackson. One leaps to conclusions. Some casual word I happened to drop may have given him the idea you mention. At this distance of time it is impossible to say with any certainty. Suffice it that all has ended well. He _did_ reconsider his resolve. I shall be only too happy if it turns out that the seed of the alteration in his views was sown by some careless word of mine. Perhaps we shall never know.'

Mike was beginning to mumble some awkward words of thanks, when Psmith resumed his discourse.

'Be that as it may, however,' he said, 'we cannot but perceive that Comrade Bickersdyke's election has altered our position to some extent. As you have pointed out, he may have been influenced in this recent affair by some chance remark of mine about those speeches. Now, however, they will cease to be of any value. Now that he is elected he has nothing to lose by their publication. I mention this by way of indicating that it is possible that, if another painful episode occurs, he may be more ruthless.'

'I see what you mean,' said Mike. 'If he catches me on the hop again, he'll simply go ahead and sack me.'

'That,' said Psmith, 'is more or less the position of affairs.'

The other event which altered Mike's life in the bank was his removal from Mr Waller's department to the Fixed Deposits. The work in the Fixed Deposits was less pleasant, and Mr Gregory, the head of the department was not of Mr Waller's type. Mr Gregory, before joining the home-staff of the New Asiatic Bank, had spent a number of years with a firm in the Far East, where he had acquired............