Will darted back to the gutter, and picked up the knife, and the fight was over. The young man, cut and… — Philip Pullman
Will darted back to the gutter, and picked up the knife, and the fight was over. The young man, cut and battered, clambered up the step, and saw Will standing above him holding the knife; he stared with a sickly anger and then turned and fled.
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I hold the subtle knife on behalf of the Guild.
Who is this man who's got the knife?
Both the Oblation Board and the Specters of Indifference are bewitched by this truth about human beings: that innocence is different from experience. The Oblation Board fears and hates Dust, and the Specters feast on it, but it's Dust both of them are obsessed by.

