He was the first to speak, and he spoke thus:

'Yes. Investments is the word.'

Clennam, with his former look, said 'Ah!'

'I am going back to it, you see,' said Pancks.

'Yes. I see you are going back to it,' returned Clennam, wondering why.

'Wasn't it a curious thing that they should run in little Altro's head? Eh?' said Pancks as he smoked. 'Wasn't that how you put it?'

'That was what I said.'

'Ay! But think of the whole Yard having got it. Think of their all meeting me with it, on my collecting days, here and there and everywhere. Whether they pay, or whether they don't pay. Merdle, Merdle, Merdle. Always Merdle.'

'Very strange how these runs on an infatuation prevail,' said Arthur.

'An't it?' returned Pancks. After smoking for a minute or so, more drily than comported with his recent oiling, he added: 'Because you see these people don't understand the subject.'

'Not a bit,' assented Clennam.

'Not a bit,' cried Pancks. 'Know nothing of figures. Know nothing of money questions. Never made a calculation. Never worked it, sir!'

'If they had--' Clennam was going on to say; when Mr Pancks, without change of countenance, produced a sound so far surpassing all his usual efforts, nasal or bronchial, that he stopped.

'If they had?' repeated Pancks in an inquiring tone.

'I thought you--spoke,' said Arthur, hesitating what name to give the interruption.

'Not at all,' said Pancks. 'Not yet. I may in a minute. If they had?'

'If they had,' observed Clennam, who was a little at a loss how to take his friend, 'why, I suppose they would have known better.'

'How so, Mr Clennam?' Pancks asked quickly, and with an odd effect of having been from the commencement of the conversation loaded with the heavy charge he now fired off. 'They're right, you know. They don't mean to be, but they're right.'

'Right in sharing Cavalletto's inclination to speculate with Mr Merdle?'

'Per-fectly, sir,' said Pancks. 'I've gone into it. I've made the calculations. I've worked it. They're safe and genuine.' Relieved by having got to this, Mr Pancks took as long a pull as his lungs would permit at his Eastern pipe, and looked sagaciously and steadily at Clennam while inhaling and exhaling too.

In those moments, Mr Pancks began to give out the dangerous infection with which he was laden. It is the manner of communicating these diseases; it is the subtle way in which they go about.

'Do you mean, my good Pancks,' asked Clennam emphatically, 'that you would put that thousand pounds of yours, let us say, for instance, out at this kind of interest?'

'Certainly,' said Pancks. 'Already done it, sir.'

Mr Pancks took another long inhalation, another long exhalation, another long sagacious look at Clennam.

'I tell you, Mr Clennam, I've gone into it,' said Pancks. 'He's a man of immense resources--enormous capital--government influence. They're the best schemes afloat. They're safe. They're certain.'

'Well!' returned Clennam, looking first at him gravely and then at the fire gravely. 'You surprise me!'

'Bah!' Pancks retorted. 'Don't say that, sir. It's what you ought to do yourself! Why don't you do as I do?'

Of whom Mr Pancks had taken the prevalent disease, he could no more have told than if he had unconsciously taken a fever.