"Well, my uncle always denies it. He says the face is more or less a fancy one. And while he is prepared to admit that it is coloured by recollection, he says it is not intended for anybody in particular. But I can see a likeness there."

"Of course you can, and a very strong one, too," Venables exclaimed. "Do you mean to tell me that your uncle cannot see that that picture is Miss Vera Rayne?"

"That is the point I have put to him more than once. He says he can't see it at all. And there are others who share the same opinion. On the other hand, there are certain friends of ours who take the same view of it as I do myself."

"And they are right," Venables said vigorously. "My word, we appear to be only on the fringe of this mystery! It occurs to me that the thief who stole that picture did not steal it for the mere sake of gain, but merely because it is what it is. No doubt the other two works were merely stolen as a blind. I don't wish to appear curious, my dear fellow, but what relation is Miss Rayne to Lord Ravenspur or yourself?"

"Ah, that I can't tell you," Walter replied. "Strange as it may seem, my uncle has always refused to say anything about Miss Rayne's antecedents. All I know is that she is well bred, exceedingly beautiful, and perfect in every way."

"Oh, of course," Venables said hastily. "But here is Stevens back again. It wouldn't be a bad plan to ask him point blank where that picture comes from."

Walter nodded his approval as Stevens came back into the room with a notebook in his hand. He started uneasily as Venables literally fired the question at him. But there was no time for the man to prevaricate.

"It doesn't belong to me," he said. "As a matter of fact, it is the property of a man who used to lodge with me some time ago."

"Well, it is a very fine piece of work," Venables said, in a matter-of-fact voice. "I suppose your friend is a poor man; otherwise he would not live in a place like this. Do you think he would like to sell the picture?"

Stevens replied, with obvious confusion, that he could not say. His friend was not an Englishman, and where he was to be found at that moment Stevens could not say. There appeared to be nothing more for it but to change the subject. Then, as he stood looking at the painted face, a sudden inspiration come to Walter. He wondered why he had not thought of it before. His mind went swiftly back to the moment in the studio when Lord Ravenspur had appeared so disturbed over the unexpected finding of the photograph by one of his guests. Here was the photo idealised. Could there be any connection between the thief of the picture and Lord Ravenspur's midnight guest?