"Is any explanation needed, mademoiselle?" said Giles uneasily.

She paused for a moment and looked at him straightly. "No," she said at length; "that is all over. I think no more explanation need be made. But with regard to Dane. He told me that Denham had come to England to see about the money left to Daisy Kent. He disguised himself as Wilson and lodged at a Mrs. Benker's. Then he went down to Rickwell, and——"

"And murdered Daisy," interposed Giles eagerly.

"So I said, Mr. Ware; but Dane, who seems devoted in a way to Denham, denies that he struck the blow."

"Does he know who did?"

"No. He says Denham doesn't know either."

"Denham's a bigger scoundrel than you think," said Giles, recalling his last conversation at the Priory. "He accuses Anne of murdering the girl."

"He'll have to prove it, then," said Olga coolly, while her mother shrieked. "I'll be able to save Anne, never fear. However, Dane told me that the red cross was the badge of a thieves' gang. Denham had a yacht called The Red Cross, which goes from one port to another to take stolen goods on board."

"That's what Steel says."

"Of course. Dane told him when he taxed him with it. The boy, for he is just twenty-five, told me everything."