"I have told them all about the affair," remarked Monk. "Let us just hear some more about Mr. Davis."

"Well, there isn't much more to say about it. He was to pay me £50,000, but he had no ready money, as he had invested all his funds in a large estate, and was quite willing to take a mortgage on it. It suited me just as well as ready money, for the estate was worth more than double that. This is the mortgage which has been stolen and cut off the list."

"Well, then, the total sum of 1,000,000 kroners would be right, instead of 1,900,000 kroners," said Monk; "for £50,000 is just 900,000 kroners."

"Yes, that is true; but he can't do much with it. As Mr. Viller says, he can't sell the mortgage without my signature."

"Did any one know you were in possession of that mortgage?" asked Monk.

"No, no one in this country: those rascally lawyers I have always kept at a distance, and no one has had a chance of meddling with my papers."

"No one except Mr. Howell," was Monk's dry reply. "But listen here, my friends! I will put a question to you. But excuse me, Mr. Frick, if I first ask you to answer me. If all this had not happened to-day, do you think you would ever have opened these envelopes again?"

"No," said old Frick, decidedly; "when my last hours approached, I might perhaps have had the iron box opened to see that the envelopes were there and the seals in order, but nothing more. I should have been satisfied that all was as it should be."

"Very well. Now let me put my question to you two. If Mr. Frick had died without having discovered the theft of this mortgage, no one, of course, would have known of the existence of such a mortgage, and the owner of Ashton Abbey would not be obliged to pay any interest. Wouldn't that be a clear saving for Davis, or his heirs, of about £2500 a year?"

"By Jove, so it would!" exclaimed old Frick; "but why young Howell should help Davis to £2500 a year, I cannot understand. He may be a big rascal,—that I now can very easily see, although his father was the best man under the sun,—but he isn't exactly stupid."