“You weren’t mistaken at all,” interrupted the other coolly. “You saw me on Whitehall. I was peddling key-rings. My name is Joshua Broad. You haven’t anything on me for trading in a false name.”

The detective lit his cigar before he spoke.

“This apartment must cost you a whole lot to keep up,” he said slowly, “and I don’t blame you for trying to earn something on the side. But it seems to me that peddling key-rings is a very poor proposition for a first-class business man.”

Joshua Broad nodded.

“I haven’t made a million out of that business,” he said, “but it amuses me, Mr. Elk. I am something of a philosopher.”

He lit a cigar and settled himself comfortably in a deep, chintz-covered arm-chair, his legs crossed, the picture of contentment.

“As an American, I am interested in social problems, and I have found that the best way to understand the very poor of any country is to get right down amongst them.”

His tone was easy, apologetic, but quite self-possessed.

“I think I forestalled any question on your part as to whether I had a licence in my own name, by telling you that I had.”

Elk settled his glasses more firmly on his nose, and his eyes strayed to Mr. Broad’s pocket, whither the pistol had returned.