He produced a large envelope, and passed it across Mr. Deever's desk. Deever extracted a bunch of expensively watermarked papers artistically engraved with green and gold lettering which proclaimed them to be Latvian 1929 Premium Loan (British Series) Bonds, value ₤25 each.

The financier crunched them between his fingers, squinted at the ornate characters suspiciously through a magnifying glass, and looked again at the Saint.

"Of course, Mr. Smith, we don't keep large sums of money on the premises. But if you like to leave these bonds with me until, say, two o'clock this afternoon, I'm sure we can make a satisfactory arrangement."

"Keep 'em by every manner of means, old bean," said the Saint airily. "So long as I get the jolly old quidlets in time to take 'em down to the three-thirty today, you're welcome."

Conveniently enough, this happened to be the first day of the Manchester September meeting. Simon Templar paraded again at two o'clock, collected his hundred pounds, and rejoined Peter Quentin at their hotel.

"I have a hundred pounds of Brother James's money," he announced. "Let's go and spread it around on the most frantic outsiders we can find."

They went to the races, and it so happened that the Saint's luck was in. He had doubled Mr. Deever's hundred pounds when the result of the last race went up on the board — but Mr. Deever would not have been seriously troubled if he had lost the lot. Five hundred pounds' worth of Latvian Bearer Bonds had been deposited as security for the advance, and in spite of the artistic engraving on them there was no doubt that they were genuine. The interval between Simon Templar's visit to Mr. Deever in the morning and the time when the money was actually paid over to him had been devoted to an expert scrutiny of the bonds, coupled with inquiries at Mr. Deever's brokers, which had definitely established their authenticity — and the Saint knew it.

"I wonder," Simon Templar was saying as they drove back into the town, "if there's any place here where you could buy a false beard. With all this money in our pockets, why should you wait for Nature to take her course?"

Nevertheless, it was not with the air of a man who has collected a hundred pounds over a couple of well-chosen winners that the Saint came to Mr. Deever the next day. It was Saturday, but that meant nothing to Mr. Deever. He was a man who kept only the barest minimum of holidays and much good business might be done with temporarily embarrassed members of the racing fraternity on the second day of the meeting.

It appeared very likely on this occasion.