"The facts are easy enough for you to prove," he said, "and I have here," he added, producing a roll of papers, "copies of the various documents for your inspection. Your scheme, of course, was simple enough. It fell through for this one reason only. A final notice, pressing for the second instalment, and stating the days of grace, was forwarded to Constantinople about the time of the recent political troubles. The late government ignored it. In fairness to Major Kosuth, we will believe that the present government was ignorant of it. But the fact remains that Messrs. Shepherd and Hargreaves became at liberty to sell those vessels, and that I have bought them. You will have to give up that money, Major Kosuth."

"You bet he shall!" the American muttered.

Bernadine leaned a little towards his enemy.

"You must give us a minute or two," he insisted. "We shall not go away, I promise you. Within five minutes you shall hear our decision."

Peter sat down at the writing-table and commenced a letter. Mr. Heseltine-Wrigge mounted guard over the door, and stood there, a grim figure of impatience. Before the five minutes was up, Bernadine crossed the room.

"I congratulate you, Baron," he said, dryly. "You are either an exceedingly lucky person or you are more of a genius than I believed. Kosuth is even now returning his letters of credit to your friend. You are quite right. The loan cannot stand."

"I was sure," Peter answered, "that you would see the matter correctly."

"You and I," Bernadine continued, "know very well that I don't care a fig about Turkey, new or old. The ships, I will admit, I intended to have for my own country. As it is, I wish you joy of them. Before they are completed we may be fighting in the air."

Peter smiled, and, side by side with Bernadine, strolled across to Heseltine-Wrigge, who was buttoning up a pocket-book with trembling fingers.

"Personally," Peter said, "I believe that the days of wars are over."