“And then you thought of the false notes?”

“Yes, but I had no reason to do so except that I couldn’t think of anything else that would fit the words I had overheard. Planting stuff by tens or twenties or fifties seemed to—”

There was a sudden noise in the hall and Madeleine broke off to listen.

“Father,” she whispered breathlessly. “Don’t say anything.”

Merriman had just time to nod when the door opened and Mr. Coburn appeared on the threshold. For a moment he stood looking at his daughter’s visitor, while the emotions of doubt, surprise and annoyance seemed to pass successively through his mind. Then he advanced with outstretched hand and a somewhat satirical smile on his lips.

“Ah, it is the good Merriman,” he exclaimed. “Welcome once more to our humble abode. And where is brother Hilliard? You don’t mean to say you have come without him?”

His tone jarred on Merriman, but he answered courteously: “I left him in London. I had business bringing me to this neighborhood, and when I reached Bordeaux I took the opportunity to run out to see you and Miss Coburn.”

The manager replied suitably, and the conversation became general. As soon as he could with civility, Merriman rose to go. Mr. Coburn cried out in protest, but the other insisted.

Mr. Coburn had become more cordial, and the two men strolled together across the clearing. Merriman had had no opportunity of further private conversation with Madeleine, but he pressed her hand and smiled at her encouragingly on saying good-bye.

As the taxi bore him swiftly back towards Bordeaux, his mind was occupied with the girl to the exclusion of all else. It was not so much that he thought definitely about her, as that she seemed to fill all his consciousness. He felt numb, and his whole being ached for her as with a dull physical pain. But it was a pain that was mingled with exultation, for if she had refused him, she had at least admitted that she loved him. Incredible thought! He smiled ecstatically, then, the sense of loss returning, once more gazed gloomily ahead into vacancy. As the evening wore on his thoughts turned towards what she had said about the syndicate. Her forged note theory had come to him as a complete surprise, and he wondered whether she really had hit on the true solution of the mystery. The conversation she had overheard undoubtedly pointed in that direction. “Planting stuff” was, he believed, the technical phrase for passing forged notes, and the reference to “tens,” “twenties,” and “fifties,” tended in the same direction. Also “forming connections to get rid of it” seemed to suggest the finding of agents who would take a number of notes at a time, to be passed on by ones and twos, no doubt for a consideration.