"It was a 'he'," corrected Ronnie, and knew that neither man believed him.

He noticed Sir John glancing at his companion.

"Ronnie, I wonder if you can help us. Do you remember the flotation of that Traction Company of Steppe's?"

"I don't think it is much good asking Ronnie," the doctor broke in with a touch of impatience. "Ronnie's memory is a little too convenient."

"I remember the flotation—in a way," admitted Ronnie.

"Do you remember the meeting that was held at Steppe's house when he produced the draft of the prospectus?"

Ronnie nodded.

"Before we go any farther, John," interrupted Merville, "I think it will be fair to Ronnie, if we tell him that there is trouble over the prospectus. Some of the financial papers are accusing us of faking the assets. The question is, was I responsible, by including properties which I should not have included, or did Steppe, in his draft, give me the facts as I published them? I don't think Ronnie will remember quite so vividly if he knows that he may be running counter to Steppe."

Ronnie did not answer.

"You see what I am driving at," Sir John went on. "There may be bad trouble if the Public Prosecutor takes these accusations seriously—which, so far he hasn't. We want to be prepared if he does."