Wingate moved to Josephine's side.

"Must not?" he repeated under his breath.

"It is a private message from a correspondent in New York, who is a personal friend of Lord Dredlinton's," Phipps declared. "It is of no concern to any one except ourselves. Dredlinton, you must make your wife understand—"

"Understand?" Dredlinton broke in. "Give me that message, madam."

He snatched at it. Wingate leaned over and swung him on one side. For a single moment Phipps, too, seemed about to attempt force. Then, with an ugly little laugh, he recovered himself.

"My dear Lady Dredlinton, let me reason with you," he begged. "On this occasion Mr. Wingate is in opposition to our interests, your husband's and mine. You cannot—"

"Let Lady Dredlinton read the cable," Wingate interposed.

It was done before any further interference was possible. Wingate stood at her side, grim and threatening. The words had left her lips before either of the other men could shout her down.

"It is a night message from New York," she said. "Listen: 'Confirm eleven steamers Universal Line withdrawn Japan trade loading secretly huge wheat cargo for Liverpool. Confirm John Wingate, Milan Court, holds controlling influence. Advise buy his shares any price.'"

There was a moment's intense silence. Dredlinton opened his lips and closed them again. Phipps was exhibiting remarkable self-control. His tone, as he addressed Wingate, was grave but almost natural.