"The progress of the Russian fleet through English waters," Lord Runton answered promptly. "Russia's interest in such a misunderstanding would be, of course, immense. She has only to fire on an English ship, by mistake of course, and the whole fat would be in the fire. England probably would insist upon the squadron being detained, Germany would protest against any such action. We might very well be at war with Russia and Germany within ten days. Russia would immediately either make terms with Japan, or abandon any active operations in Manchuria and move upon India. Germany would come for us."

"Is this all purely imagination?" Duncombe asked, "or have you anything to go on?"

"So far as I am concerned," Lord Runton said slowly, "I, of course, know nothing. But I have a strong idea that the Government have at least a suspicion of some secret understanding between Russia and Germany. Their preparations seem almost to suggest it. Of course we outsiders can only guess, after all, at what is going on, but it seems to me that there is a chance to-day for our Government to achieve a diplomatic coup."

"In what direction?"

"An alliance with France. Mind, I am afraid that there are insurmountable obstacles, but if it were possible it would be checkmate to our friend the Emperor, and he would have nothing left but to climb down. The trouble is that in the absence of any definite proof of an understanding between Russia and Germany, France could not break away from her alliance with the former. Our present arrangement would ensure, I believe, a benevolent neutrality, but an alliance, if only it could be compassed, would be the greatest diplomatic triumph of our days. Hullo! Visitors at this hour. Wasn't that your front-door bell, Duncombe?"

"It sounded like it," Duncombe answered. "Perhaps it is your man."

"Like his cheek, if it is!" Lord Runton answered, rising to his feet and strolling towards the sideboard. "I told him I would telephone round to the stables when I was ready. I suppose it is rather late, though I sha'n't apologize for keeping you up."

"I hope you won't," Duncombe answered. "I have never been more interested in my life—for many reasons. Don't bother about your man. Groves will see to him. Help yourself to another whisky and soda, and come and sit down."

There was a knock at the door, and the butler appeared.

"There are three gentlemen outside, sir, who wish to see you," he announced to Duncombe. "They will not give their names, but they say that their business is important, or they would not have troubled you so late."