We're not sure what a "Time Dragon" is, but color us intrigued.
Turns out, Frex isn't as bad of a guy as we had feared. He stops to chat with some townsfolk and asks for a few women to stop by and check on Melena while he's gone.
Frex then stops by a tree to read some Letters of Exposition – letters from a fellow minister concerning the Clock of the Time Dragon.
The Clock is basically the main act of a sort of traveling circus sideshow. The Clock itself is like a gigantic cuckoo clock (it sounds like the really big, elaborate ones you can find in Germany), and the dwarf who runs the show uses the Clock to tell people's "futures."
This makes it sound classier than it actually is, however.
Frex's fellow minister describes in his letter how one of the Clock's shows depicted a man having sex with a local widow and her daughter in a seriously kinky threesome.
So the Clock is basically immoral and trashy, and the Unionist ministers are freaking out about it.
To make matters worse, the Clock show inspired a small riot as the audience set upon the unfortunate locals depicted in the show.
Now the Clock is coming to Frex's turf, and he's determined to stop it:
Frex was aware that the Clock of the Time Dragon combined the appeals of ingenuity and magic.... If his congregation should prove vulnerable to the so-called pleasure faith, succumbing to spectacle and violence – well, what then? (1.2.14)
Frex is determined to "save" his congregation and stop the Clock show from sparking a riot.