"It's a damned disgrace!" said I.

"I quite agree," he chuckled. "It ought to 'ave been settled months ago."

"Months ago?" I echoed. "It's only twelve months since he borrowed three hundred pounds from you, and now you're sticking him for seven!"

"I am," said Levy, opening uncompromising lips that entirely disappeared again next instant.

"He borrows three hundred for a year at the outside, and you blackmail him for eight hundred when the year's up."

"You said 'seven' just now," interrupted Raffles, but in the voice of a man who was getting a fright.

"You also said 'blackmailing,'" added Dan Levy portentously. "Do you want to be thrown downstairs?"

"Do you deny the figures?" I retorted.

"No, I don't; have you got his repayment cards?"

"Yes, here in my hands, and they shan't leave them. You see, you're not aware," I added severely, as I turned to Raffles, "that this young fellow has already paid up one hundred in instalments; that's what makes the eight; and all this is what'll happen to you if you've been fool enough to get into the same boat."