"My dear fellow," he exclaimed. "I had no idea that you were ill. This is why I have not heard from you, then."

Spencer smiled as he held out his hand, and Duncombe, who seemed to catch some meaning in the upraised eyebrows of his friend, was shocked.

"You mean?" he exclaimed.

Spencer nodded.

"L'affaire Poynton" he said gently. "A very subtle dose of poison indeed, my friend. I shall not die, but I have had my little lesson. Here the individual has little chance. We fight against forces that are too many for us. I told you so at the start."

"Yet I," Duncombe answered, "have not suffered."

"My friend," Spencer answered, "it is because I am the more dangerous."

"You have discovered something?" Duncombe exclaimed.

"I came near discovering a great deal," Spencer answered. "Perhaps it would have been better for my system if I had discovered a little less. As it is I have finished with l'affaire Poynton for the present. You see how very nearly l'affaire Poynton finished me."

"It is not like you," Duncombe said thoughtfully, "to give anything up."