"The value of that offer," Pamela remarked thoughtfully, "would depend rather upon the issue of the present war, wouldn't it?"

Fischer's face darkened. His tone was almost irritable.

"That is already preordained," he said firmly. "You see, I will be quite frank with you. Germany has lost her chance of sweeping and complete victory. The result of the war will be a return to the status-quo-ante. Yet, believe me, Germany will be strong enough to settle some of the debts she owes, and the debt to Japan is one of these."

"Still, there is the practical question of getting men and ships over from Germany to America," Pamela persisted.

"It is already solved," was the swift reply. "At the proper time I will show you and prove how it can be done. At present, not one word can pass my lips. It is one of the secrets on which the future of Germany depends."

"And the price?" Pamela asked.

"That America adopts our view as to the high seas traffic," Fischer replied. "This would mean the stopping of all supplies, munitions and ammunition from America to England. We offer you an alliance. We ask only for your real and actual neutrality for the remainder of the war. We offer a great and substantial advantage, a safeguard for your country's future, in return for what? Simply that America will pursue the course of honour and integrity to all nations."

"America," Pamela declared, "has never failed in this."

Fischer shrugged his shoulders.

"There is more than one point of view," he reminded her. "Will you take my message with you to Washington to-morrow?"