He took the document with his fingertips, as if it were unclean, and opened it out on the bar. But after his first glance at the letter-head his twinkling blue eyes steadied abruptly, and he read the epistle through with more than ordinary interest.

Dear Sir, We have now gone into your novel THE GAY ADVENTURER, and our readers report that it is very entertaining and ably written, with the verve of Dumas, the dramatic power of Tolstoy, and the ingenuity of Conan Doyle. We shall therefore be delighted to set up same in best small pica type to form a volume of about 320 p.p., machine on good antique paper, bind in red cloth with title in gold lettering, and put up in specially designed artistic wrapper, at cost to yourself of only £300 (Three Hundred Pounds) and to publish same at our own expense in the United Kingdom at a net price of 5/- (Five Shillings); and believe it will form a most acceptable and popular volume which should command a wide sale. We will further agree to send you on date of publication twelve presentation copies, and to send copies for review to all principal magazines and newspapers, and further to pay you a royalty of 25 % (twenty-five per cent) on all copies sold of this Work. The work can be put in hand immediately on receipt of your acceptance of these terms. Trusting to hear from you at your earliest convenience, We beg to remain, dear Sir, Faithfully yours, for HERBERT G. PARSTONE & Co. Herbert G. Parstone, Managing Director

Simon folded the letter and handed it back with a sigh of relief.

"Okay, Peter," he said cheerfully. "I bought that one. What's the swindle, and can I come in on it?"

"I don't know of any swindle," said Peter puzzledly. "What do you mean?"

The Saint frowned.

"D'you mean to tell me you sent your book to Parstone in all seriousness?"

"Of course I did. I saw an advertisement of his in some literary paper, and I don't know much about publishers—"

"You've never heard of him before?"

"No."