“Well, Ronnie,” he said, “I suppose you are wondering why I have sent for you at this hour of the night?”

“I am,” Granet admitted frankly. “Is there any news?—anything behind the news, perhaps I should say?”

“What there is, is of no account,” Sir Alfred replied. “We are going to talk pure human nature, you and I for the next hour. The fate of empires is a matter for the historians. It is your fate and mine which just now counts for most.”

“There is some trouble?” Granet asked quickly,—“some suspicion?”

“None whatever,” Sir Alfred repeated firmly. “My position was never more secure than it is at this second. I am the trusted confidant of the Cabinet. I have done, not only apparently but actually, very important work for them. Financially, too, my influence as well as my resources have been of vast assistance to this country.”

Granet nodded and waited. He knew enough of his uncle to be aware that he would develop his statement in his own way.

“When all has gone well,” Sir Alfred continued, “when all seems absolutely peaceful and safe, it is sometimes the time to pause and consider. We are at that spot at the present moment. You have been lucky, in your way, Ronnie. Three times, whilst fighting for England, you have managed to penetrate the German lines and receive from them communications of the greatest importance. Since your return home you have been of use in various ways. This last business in Norfolk will not be forgotten. Then take my case. What Germany knows of our financial position, our strength and our weakness, is due to me. That Germany is at the present time holding forty millions of money belonging to the city of London, is also owing to me. In a dozen other ways my influence has been felt. As I told you before, we have both, in our way, been successful, but we have reached the absolute limit of our effectiveness.”

“What does that mean?” Granet asked.

“It means this,” Sir Alfred explained. “When this war was started, I, with every fact and circumstance before me, with more information, perhaps, than any other man breathing, predicted peace within three months. I was wrong. Germany to-day is great and unconquered, but Germany has lost her opportunity. This may be a war of attrition, or even now the unexpected may come, but to all effects and purposes Germany is beaten.”

“Do you mean this?” Granet exclaimed incredulously.