‘Managing Director.’

The initials shown ‘X’ were undecipherable and were apparently written by a person in authority, though curiously the word ‘Avery’ in the same hand was quite clear.

‘It’s written on your Company’s paper anyway,’ said the Inspector to Broughton. ‘I suppose that heading is yours and not a fake?’

‘It’s ours right enough,’ returned the clerk, ‘but I’m certain the letter’s a forgery for all that.’

‘I should imagine so, but just how do you know?’

‘For several reasons, sir. Firstly, we do not use that quality of paper for writing our own servants; we have a cheaper form of memorandum for that. Secondly, all our stuff is typewritten; and thirdly, that is not the signature of any of our clerks.’

‘Pretty conclusive. It is evident that the forger did not know either your managing director’s or your clerks’ initials. His knowledge was confined to the name Avery, and from your statement we can conceive Felix having just that amount of information.’

‘But how on earth did he get our paper?’

Burnley smiled.

‘Oh, well, that’s not so difficult. Didn’t your head clerk give it to him?’