Time passed slowly, but the hours wore gradually round until his watch showed two o’clock. Then, just as he was thinking that he need hardly wait much longer, he was considerably thrilled to see Mr. Coburn once more appear at the side door of the house, and in the same stealthy, secretive way as on the previous night, walk hurriedly to the shed and let himself in by the office door.

At first Merriman thought of following him again in the hope of learning the nature of these strange proceedings, but a moment’s thought showed him he must run no risk of discovery. If Coburn learned that he was being spied on he would at once doubt Merriman’s statement that he knew the syndicate’s secret. It would be better, therefore, to lie low and await events.

But the only other interesting event that happened was that some fifteen minutes later the manager left the shed, and with the same show of secrecy returned to his house, disappearing into the side door.

So intrigued was Merriman by the whole business that he determined to repeat his visit the following night also. He did so, and once again witnessed Mr. Coburn’s stealthy walk to the shed at two a.m., and his equally stealthy return at two-fifteen.

Rack his brains as he would over the problem of these nocturnal visits, Merriman could think of no explanation. What for three consecutive nights could bring the manager down to the sawmill? He could not imagine, but he was clear it was not the pit-prop industry.

If the Girondin had been in he would have once more suspected smuggling, but she was then at Ferriby. No, it certainly did not work in with smuggling. Still less did it suggest false note printing, unless—Merriman’s heart beat more quickly as a new idea entered his mind. Suppose the notes were printed there, at the mill! Suppose there was a cellar under the engine house, and suppose the work was done at night? It was true they had not seen signs of a cellar, but if this surmise was correct it was not likely they would.

At first sight this theory seemed a real advance, but a little further thought showed it had serious objections. Firstly, it did not explain Coburn’s nightly visits. If the manager had spent some hours in the works it might have indicated the working of a press, but what in that way could be done in fifteen minutes? Further, and this seemed to put the idea quite out of court, if the notes were being produced at the clearing, why the changing of the lorry numbers? That would then be a part of the business quite unconnected with the illicit traffic. After much thought, Merriman had to admit to himself that here was one more of the series of insoluble puzzles with which they found themselves faced.

The next night was Friday, and in accordance with the arrangement made with Mr. Coburn, Merriman once again went out to the clearing, presenting himself at the works door at two in the morning. Mr. Coburn at once opened to his knock, and after locking the door, led the way to his office. There he wasted no time in preliminaries.

“I’ve thought this over, Merriman,” he said, and his manner was very different from that of the previous interview, “and I’m bound to say that I’ve realized that, though interested, your action towards me has been correct not to say generous. Now I’ve made up my mind what to do, and I trust you will see your way to fall in with my ideas. There is a meeting of the syndicate on Thursday week. I should have been present in any case, and I have decided that, whatever may be the result, I will tell them I am going to break with them. I will give ill-health as my reason for this step, and fortunately or unfortunately I can do this with truth, as my heart is seriously diseased. I can easily provide the necessary doctor’s certificates. If they accept my resignation, well and good—I will emigrate to my brother in South America, and you and Madeleine can be married. If they decline, well”—Mr. Coburn shrugged his shoulders—“your embarrassment will be otherwise removed.”

He paused. Merriman would have spoken, but Mr. Coburn held up his hand for silence and went on: