Mr. Heseltine-Wrigge stopped short in the act of lighting his cigar.

"I'm not quite catching on," he remarked. "What's the trouble?"

"There is no trouble, fortunately," Peter replied. "Only a little disappointment for our friends the Count von Hern and Major Kosuth. I have brought you some information which, I think, will put an end to that affair of the loan."

Mr. Heseltine-Wrigge sat quite still for a moment. His brows were knitted; he showed no signs of nervousness.

"Go right on," he said.

"The security upon which you were going to advance a million and a half to the Turkish Government," Peter continued, "consisted of two Dreadnoughts and a cruiser, being built to the order of that country by Messrs. Shepherd and Hargreaves at Belfast."

"Quite right," Mr. Heseltine-Wrigge admitted quietly. "I have been up and seen the boats. I have seen the shipbuilders, too."

"Did you happen to mention to the latter," Peter inquired, "that you were advancing money upon those vessels?"

"Certainly not," Mr. Heseltine-Wrigge replied. "Kosuth wouldn't hear of such a thing. If the papers got wind of it there'd be the devil to pay. All the same, I have got an assignment from the Turkish Government."

"Not worth the paper it's written on," Peter declared blandly.