this. I've just had from the bank a cheque for £4,000 drawn in your favour on our joint account and purporting to be signed by Silva and myself."

"As it happens," said White, "it was signed by you fellows in my presence."

The colonel shook his head.

"Obdurate to the last, brazening it out to the end—why not make a frank confession to an old business associate, Solly? I came here to see you about that cheque."

"That's the game, is it?" said White. "You are going to charge me with forgery, and suppose I spill it?"

"Spill what?" asked the colonel innocently. "If by 'spill' you mean make a statement to the police derogatory to myself and my business associates, what can you tell? I can bring a dozen witnesses to prove that both Pinto and I were in Brighton the morning that cheque was signed."

"You came up by car at night," said White harshly. "We arranged to meet outside Guildford to split the loot."

"Loot?" said Colonel Boundary, puzzled. "I don't understand you."

"I'll put it plainer," said White, his eyes like smouldering fire: "a year ago you got young Balston the shipowner to put fifty thousand pounds into a fake company."

He heard Maisie gasp, but went on.

"How you did it I'm not going to tell before the girl, but it was blackmail which you and Pinto engineered. He paid his last instalment—the four thousand pounds was my share."

Colonel Boundary rose and looked at his watch.

"I have a taxi-cab waiting, and with a taxi-cab time is money. If you are going to bring in the name of an innocent young man, who will certainly deny that he had any connection with myself and my business associates, that is a matter for your own conscience. I tell you I know nothing about this cheque. I have made your daughter an offer."

"I can guess what it is," interrupted White, "and I can tell you this, Boundary, that if you are going to sell me, I'll be even with you, if I wait twenty years! If you imagine I am going to let my daughter into that filthy gang——" His voice broke, and it was some time before he could recover himself. "Do your worst. But I'll have you, Boundary! I don't doubt that you'll get a conviction, and you know the things that I can't talk about, and I'll have to take my medicine, but you are not going to escape."

"Wait, colonel." It was the girl who spoke in so low a voice that he would not have heard her, but that he was expecting her to speak. "Do you mean that you will—prosecute my father?"

"With law-abiding people," said the colonel profoundly, "the demands of justice come first. I must do my duty to the state, but if you should change your mind——"

"She won't change her mind," roared White.

With one stride he had passed between the colonel and the door. Only for a second he stood, and then he fell back.

"Do your worst," he said huskily, and Colonel Boundary passed out, pocketing the revolver which had come from nowhere into his hand, and presently they heard the purr of the departing motor.

He came to Horsham station in a thoughtful frame of mind. He was still thinking profoundly when he reached Victoria.

Then, as he stepped on the platform, a hand was laid on his arm, and he turned to meet the smiling face of Stafford King.

"Hullo," said the colonel, and something within him went cold.

"Sorry to break in on your reverie, colonel," said Stafford King, "but I've a warrant for your arrest."

"What is the charge?" asked the colonel, his face grey.

"Blackmail and conspiracy," said King, and saw with amazement the look of relief in the other's eyes.

Then:

"Boundary," he said between his teeth, "you thought I wanted you for 'Snow' Gregory!"

The colonel said nothing.