"Fischer," he asked, "what made you go into this so big? You must have known there was always the risk of your wireless report beating it up a little too tall."

"It wasn't our report at all that I went by," Fischer confessed gloomily. "It was the English Admiralty announcement that did it. Can you conceive," he went on, striking the table with his fist, "any nation at war, with a grain of common sense or an ounce of self-respect, issuing a statement like that?—an apology for a defeat which, damn it all, never happened! Say the thing was a drawn battle, which is about what it really was. It didn't suit the Germans to fight it to a finish. They'd everything to lose and little to gain. So in effect they left the Britishers there and passed back behind their own minefield. So far as regards reports, that was victory enough for any one except those muddle-headed civilians at Whitehall. They deceived the world with that infernal bulletin, and incidentally me. It was on that statement I gave you my orders, not on ours."

"It's a damned unfortunate business!" Van Teyl sighed. "You're only half way out yet, and it's cost you nearly three hundred thousand."

A dull spot of purple colour burned in Fischer's cheeks. His upper lip was drawn in, his appearance for a moment was repulsive.

"It isn't the money I mind," he muttered. "It's Lutchester."

Van Teyl was discreetly silent. Fischer seemed to read his thoughts. He leaned across the table.

"A wonderful fellow, your friend Lutchester," he sneered. "An Admirable Crichton of finance and diplomacy and love-making, eh? But the end isn't just yet. I promise you one thing, James Van Teyl. He isn't going to marry your sister."

"I'd a damned sight sooner she married him than you!" Van Teyl blazed out.

Fischer was taken aback. He had held for so long the upper hand with this young man that for the moment he had forgotten that circumstances were changed between them. Van Teyl rose to his feet. The bonds of the last few months had snapped. He spoke like a free man.

"Look here, Fischer," he said, "you've had me practically in your power for the best part of a year, but now I'm through with you. I'm out of your debt, no thanks to you, and I'm going to keep out. I am working on your business as hard as though you were my own brother, and I'll go on doing it. I'll get you out of this mess as well as I can, and after that you can take your damned business where you please."