Tanner nodded and rang his bell. The same sergeant re-entered and signed to Dale to follow him. Then, including the whole party in a slight bow, the latter rose from his chair and the two men left the room.

The silence which fell when the door was closed lasted a full thirty seconds, and then Daunt broke it.

‘Well, Inspector, this has been very interesting, but I’m hanged if I can make head or tail of it. Maybe you’d explain to Miss Drew and me what it’s all about.’

Chief Inspector Edgar rose.

‘I think that’s all I’m concerned in,’ he said, and turning to Mr Clayton, he invited him to smoke a cigar in his room.

When Tanner was left alone with the cousins, he realised that he had an extremely unpleasant task to perform. Miss Drew, as the affianced wife of Austin Ponson, was personally interested in the story. Though from his knowledge of her he thought she would not place so great importance on the unfortunate occurrence as might a shallower and more conventional woman, yet the news could not be otherwise than a shock to her. He wished someone else had the telling of it.

But no purpose would be saved by delay. The sooner he began, the sooner the unwelcome job would be over.

Asking Miss Drew’s permission, he passed his cigar case to Daunt, then drew forward his chair and began to speak.

‘I am afraid the story I have to tell you will come rather as a shock to you,’ he said, as he examined the end of his cigar. ‘This man Dale had been blackmailing Sir William Ponson for the last four years. There was an exceedingly unfortunate secret in Sir William’s life—unknown to him until he learnt it from Dale at that time, four years ago. Sir William was in no wise to blame for what had taken place. So far as I can learn, he had acted with scrupulous honour all through. The fault was Dale’s and Dale’s only. But to make it clear I must tell you from the beginning.’

The cousins remained almost motionless while the Inspector related the details of his journey north, and the facts he had there learnt; the family history of the Dales; how the brothers came across Sir William in the Eagle Ironworks; the rivalry between Ponson and Tom Dale for the hand of the pretty Ethel Osborne; Tom’s success in the contest; the unhappy married life of the young couple; Tom’s mission to Canada; the loss of the Numidian, and his presumed death; Sir William’s marriage with Mrs Dale, and the birth of Austin and Enid; Tom Dale’s return to England; and finally the blackmailing, culminating in the presumed negotiations for the purchase of the annuity.