"A very natural sentiment. I hope that you may repeat it a good many times before the end comes."

"You are a conspirator—a criminal!" Phipps continued, his voice shaking with excitement. "You are breaking the laws of the country. I shall see that you are in gaol before the week is out!"

"A good deal of what you say is true," Wingate admitted, "with the possible exception of the latter part. Believe me, Peter Phipps, you are a great deal more likely to see the inside of a prison than I am. You will be a poor man presently and poor men of your type are desperate."

Phipps remained perfectly silent for several moments.

"Wingate, you are a hard enemy," he said at last. "Will you treat?"

"I have named the price."

"You are a fool!" Phipps almost shouted. "Do you know," he went on, striking the table with his clenched fist, "that what you suggest would cost five million pounds?"

"You and your friends can stand it," was the unruffled reply. "If not, your brokers can share the loss."

"That means you make a bankrupt of me?" Phipps demanded hoarsely.

"Why not?" Wingate replied. "It's been a long duel between us, Phipps, and I mean this to be the final bout."