"And you propose to hand over the conduct of these negotiations to me,"
Pamela observed, "in return for what?"

"The pocketbook which you took from Captain Graham."

"So there we are, back again at the commencement of our discussion," Pamela remarked. "Are you going to repeat that you want this formula for Washington and not for Berlin?"

"My first idea," Fischer confessed, "was to hand it over to Germany. I have changed my views. Germany has great explosives of her own. This formula shall be used in a different fashion. It shall be a lever in the coming negotiations between America and Germany."

"We have had a great deal of conversation to no practical purpose,"
Pamela declared. "Why are you so sure that I have the formula?"

Fischer frowned slightly. He had recovered himself now, and his tone was as steady and quiet as ever. Only occasionally his eyes wandered to where James Van Teyl was fidgetting about the table, and at such times his fingers tightened upon the stock of his revolver.

"It is practically certain that you have the papers," he pointed out. "You were the first person to go up the stairs after Graham had been rendered unconscious. Joseph admits that he had been forced to leave him—the orchestra was waiting to play. He was alone in that little room. That you should have known of its existence and his presence there is surprising, but nothing more. Furthermore, I am convinced that you were in some way concerned with his rescue later. You visited Hassan and you visited Joseph. From the latter you procured the key of the chapel. If only he had had the courage to tell the truth—well, we will let that pass. You have the papers, Miss Van Teyl. I am bidding a great price for them. If you are a wise woman, you will not hesitate."

There was a knock at the door. They all three turned towards it a little impatiently. Even Pamela and her brother felt the grip of an absorbing problem. To their surprise, it was Lutchester who reappeared upon the threshold. In his hand he held a small sealed packet.

"So sorry to disturb you all," he apologised. "I have something here which I believe belongs to you, Miss Van Teyl. I thought I'd better bring it up and explain. From the way your little Japanese friend was holding on to it, I thought it might be important. It is a little torn, but that isn't my fault."

He held it out to Pamela. It was a long packet torn open at one end. From it was protruding a worn, brown pocketbook. Pamela's hand closed upon it mechanically. There was a dazed look in her eyes. Fischer's fingers stole once more towards the pocket into which, at Lutchester's entrance, he had slipped his revolver.