"Nay!" said he. "I shall read it to ye." And he drew some sheets of foolscap from his pocket. He opened the sheets, and frowned at them, and coughed. "Nay!" said he. "There's nothing else for it. I must smoke."

And he produced a charred pipe which might or might not have been the gift of Mrs. Maldon, filled it, struck a match on his boot, and turbulently puffed outrageous quantities of smoke. Louis, with singular courage, lit a cigarette, which gave him a little ease of demeanour, if not confidence.

II

And then at length Julian began to read—

"'Before I went to South Africa last autumn I found myself in considerable business difficulties. The causes of said difficulties were bad trade, unfair competition, and price-cutting at home and abroad, especially in Germany, and the modern spirit of unrest among the working-classes making it impossible for an employer to be master on his own works. I was not insolvent, but I needed capital, the life-blood of industry. In justice to myself I ought to explain that my visit to South Africa was very carefully planned and thought out. I had a good reason to believe that a lot of business in door-furniture could be done there, and that I could obtain some capital from a customer in Durban. I point this out merely because trade rivals have tried to throw ridicule upon me for going out to South Africa when I did. I must ask you to read carefully'—you see, this was a letter to you," he interjected—"read carefully all that I say. I will now proceed."

"'When I came to Aunt Maldon's the night before I left for South Africa I wanted a wash, and I went into the back room—I mean the room behind the parlour—and took off my coat preparatory to going into the scullery to perform my ablutions. While in the back room I noticed that the picture nearest the cupboard opposite the door was hung very crooked. When I came back to put my coat on again after washing, my eye again caught the picture. There was a chair almost beneath it. I got on the chair and put the picture into an horizontal position. While I was standing on the chair I could see on the top of the cupboard, where something white struck my attention. It was behind the cornice of the cupboard, but I could see it. I took it off the top of the cupboard and carefully scrutinized it by the gas, which, as you know, is at the corner of the fireplace, close to the cupboard. It was a roll consisting of Bank of England notes, to the value of four hundred and fifty pounds. I counted them at once, while I was standing on the chair. I then put them in the pocket of my coat which I had already put on. I wish to point out that if the chair had not been under the picture I should in all human probability not have attempted to straighten the picture. Also—'"

"But surely, Julian," Louis interrupted him, in a constrained voice, "you could have reached the picture without standing on the chair?" He interrupted solely from a tremendous desire for speech. It would have been impossible for him to remain silent. He had to speak or perish.

"I couldn't," Julian denied vehemently. "The picture's practically as high as the top of the cupboard—or was."

"And could you see on to the top of the cupboard from a chair?" Louis, with a peculiar gaze, was apparently estimating Julian's total height from the ground when raised on a chair.

Julian dashed down the papers.