The laugh had stopped and the whiteness returned as Lowndes sprang up and walked quickly round the desk to where Harry stood. He laid a hand on Harry's arm. The boy shook it off. And yet there was a kindness behind the other's glasses—the old kindness that had disconcerted Harry once already.

"Consider what you are saying, Ringrose," said Lowndes quietly. "You're going on like a young madman. Pull yourself together and just consider. You talk of telling tales in a way that is neither nice nor wise. What do you know to tell?"

This simple question was like ice on the hot young head.

"Enough, at any rate," he stammered presently, "to put me on the track of more."

"Then I advise you to find out the more before you make use of threats."

"I intend to do so. I'll be at the bottom of your villainy yet!"

Lowndes darkened.

"Do you want to force me to have you turned out?" he asked fiercely. "Upon my word, Ringrose, you try the patience of the best friend you ever had. Didn't I stand by you when you landed? Didn't I do the best I could for you when I was on the rocks myself? Now I'm afloat again I want to stand by you still, but you make it devilish difficult. I honestly meant to make you Secretary of this Company, but when the chap who helped me to pull it through asked for the billet, what could I do? Here's an envelope that will show you I haven't forgotten you; take it, Ringrose, and look at it at your convenience, and try to think more charitably of an old friend. Recollect that I was your father's friend first."

"So you say," said Harry, taking the long thick envelope and looking straight through the gold-rimmed glasses. "I will believe you when you tell me where he is."

"I know no more than the man in the moon."