'Jo.'

The letter was like the boy. He had always been an amiable chap. Old
Jolyon had sent this reply:


'MY DEAR JO,

'The sum (L500) stands in my books for the benefit of your boy, under
the name of Jolyon Forsyte, and will be duly-credited with interest at
5 per cent. I hope that you are doing well. My health remains good at
present.

'With love, I am,

'Your affectionate Father,

'JOLYON FORSYTE.'


And every year on the 1st of January he had added a hundred and the
interest. The sum was mounting up--next New Year's Day it would be
fifteen hundred and odd pounds! And it is difficult to say how much
satisfaction he had got out of that yearly transaction. But the
correspondence had ended.

In spite of his love for his son, in spite of an instinct, partly
constitutional, partly the result, as in thousands of his class, of
the continual handling and watching of affairs, prompting him to judge
conduct by results rather than by principle, there was at the bottom of