“Did he tell you what he was threatening to do — about the stream?”

“He did say something about trying to cut it off.”

“Which would make this place practically worthless.”

“That would be a great pity. But it might not happen.”

“You must think quite a lot of your drag with Valmon.”

The pink-faced man fluttered a plump deprecating hand. His smile was so unshakably sweet that a baby would have been ashamed not to give him its favourite rattle.

“Perhaps I should have a slight advantage — through my cousin’s business connection. Perhaps I’m just too proud of myself as a psychologist. But I’m quite willing to take my risk. Even if I lost, I should be satisfied to think that you hadn’t suffered.”

“Now I come to think of it,” said the Saint, “my mother did tell me about Santa Claus.”

The pale grey eyes gleamed limpidly.

“Will you give Mr Morland my message?”