DENVERS LEARNS SOMETHING.

Frobisher was first to recover himself. There were beads of moisture on his forehead, his teeth were ground together, but he forced a smile to his lips. Then he laughed in a low chuckling fashion, as if something subtle had greatly amused him. Lefroy stood there, glowering.

"I'm not going to be put off like that," he said. "The thing's impossible."

Isa Benstein ignored the speaker altogether. She was lying back in her chair as if bored with the whole proceedings. The lights were gleaming on her jewels and her beautiful, tranquil face.

"Don't lose your head," Frobisher said, still laughing in the same noiseless way. "Surely you're not so accomplished a liar that you haven't learned to know the truth when you see it. I pay Mrs. Benstein the compliment of believing every word that she says. We have exposed our hands for nothing, and been outwitted by a very clever woman. You'll gain nothing by losing your temper."

"Who could she have passed the jewel on to?" Lefroy growled.

"Ah, that is the point! Knowing nobody here and all! Madame, I kiss your hand. You have made Clement Frobisher look and feel like a fool. It is a sensation I have not experienced since I left school. I believe every word that you say, nay, if I let myself go I could be furiously angry with myself. Lefroy, you had better go, there is nothing to be gained by staying here. After all——"

Frobisher paused, and Mrs. Benstein, with her head serenely tilted upwards, finished the sentence.

"After all, the Shan of Koordstan is in no better plight than he was before. Whoever has possession of the stone, it is assuredly not the Shan."

Lefroy strode off and clanged the door behind him. Frobisher lighted a fresh cigarette. He had been found out in a singularly rascally action, but that did not disturb his equanimity in the least.