1 Geltschilling: You'd better go straight in and see Ñ right away, James.
2 Stud: You know, Geltschilling, I've often wondered but never asked...
3 Stud: Why is our boss called Ñ?
4 Geltschilling: With the high turnover in the position, we ran out of regular letters back in the 1950s.

Those are real images of London out the window. And no, I have no idea where the window went in the second panel.

Well, what I actually did that caused the window not to be there was completely rearranged the set for panel 2 - which was shot after panels 1, 3, and 4. I needed to rearrange it to get a wall behind James, but I forgot about the window.

The filing cabinet is flush against the wall in all shots, but in panel 2 the wall is actually not flat - there's a one-Lego-stud kink in it, which produces the short wall behind it. Basically I cut corners in the set construction. :-)

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2012-12-29 Rerun commentary: That's St Paul's Cathedral you can see through the window in panel 3. It's night outside since James was called to the office directly from his late night entertainment at the club where he met Sylvia Ditch over the baccarat table.

The joke here is predicated on the concept that the code letters handed to the head of MI6 are sequential in some sense. Evidence from the actual James Bond series suggests otherwise - the name of "M" is actually passed on from former title holder to successor, so there's no danger of running out of letters.

It's a bit of a shame that you can't actually tell it's an "Ñ" character in the comic because of the font...