The inspector raised his eyebrows and pursed his lips.

"It looks uncommonly like it, miss," he said. "We have evidence that the bank has been robbed, and it is almost certainly proved that Merrill had access to the books and was the only person in the bank who could have faked the figures and transferred the money from one account to another without being found out. There are still one or two doubtful points to be cleared up, but there is the motive, and when you've got the motive you are three parts on your way to finding the criminal. It isn't a straightforward case by any means," he confessed, "and the more I go into it the more puzzled I am. I don't mind telling you this frankly: I have seen Constable Wiseman, who swears that at the moment the shots were fired he saw a light flash in the upper window. We have the statement of Mr. Cole that he was in his room, his employer having requested that he should make himself scarce when the nephew came, and he tells us how somebody opened the door quietly and flashed an electric torch upon him."

"What was Cole doing in the dark?" asked Mann quickly.

"He had a headache and was lying down," said the inspector. "When he saw the light he jumped up and made for it, and was immediately slugged; the door closed upon him and was locked. Between his leaving the bed and reaching the door he heard Mr. Merrill's voice threatening his uncle, and the shots. Immediately afterward he was rendered insensible."

"A curious story," said Saul Arthur Mann dryly. "A very curious story!"

The girl felt an unaccountable and altogether amazing desire to defend Jasper against the innuendo in the other's tone, and it was with difficulty that she restrained herself.

"I don't think it is a good story," said the inspector frankly; "but that is between ourselves. And then, of course," he went on, "we have the remarkable behavior of Sergeant Smith."

"Where is he?" asked Mr. Mann.

The inspector shrugged his shoulders.

"Sergeant Smith has disappeared," he said, "though I dare say we shall find him before long. He is only one; the most puzzling element of all is the fourth man concerned, the man who arrived in the motor car and who was evidently Mr. Rex Holland. We have got a very full description of him."