“Mr. Stuart?” The man looked reluctant. “Is it important?”

“Awfully important,” said Peter gravely. She was wondering what would be the man’s attitude if she explained that the youngest partner of the house was required for the purposes of an un-birthday celebration.

They were conducted through two or three apartments, containing nothing more thrilling than cupboards and clerks, so that Merle assumed the jewels were kept in glittering caverns below; and then ushered into an anteroom, formal and luxurious, in which were already seated several applicants for royal favour, grave men and grey, all.

“I think Mr. Stuart is engaged. What name shall I say?” The confidential clerk appeared curiously disapproving of their presence.

“Got your card-case, Merle?”

Of course Merle had her card-case. And a card. And white kid gloves with which to present it. More than could be said for Peter.

Their guide withdrew, having first motioned the girls to deep leather arm-chairs, into which they sank and were obliterated. The silence of the room became thick and muffled. A clock ticked ponderously from the chimney-piece. The assembled veterans made no sound, with the exception of one who played nervously with his feet, advancing these by slow stages towards one another, and then scurrying them apart, as if fearful of being caught in the act. Peter watched him, fascinated. It was fully ten minutes before hurried steps approached the door....

There had been changes in the firm of Heron and Carr since Stuart entered it, three years before. Uncle Arthur had embraced the opportunity to retire from business. Derwent Heron was growing old, and absented himself frequently from the office: Baldwin—well, Baldwin at the best of times was useful mostly as an ornament. Thus it befell that a great deal of responsibility fell on the shoulders of the new partner. Nor was Stuart averse to this. He was right when he said that a game lost its value unless played in all seriousness. On the whole he made few mistakes, though his lucky star ran the risk, from overwork, of becoming somewhat frayed at the edges. Frequently he deplored the difficulty of truly reckless gambling, with that officious orbit fore-dooming him ever to success. Of late, certain events had decided him to buy in a vast amount of stock, giving mostly bills in exchange. Then, like a bolt from the blue, one Antoine Gobert, from Venezuela, made his sensational announcement: no less than the discovery of a cheap preparation for the making of diamonds. The days following this revelation were fraught with the greatest strain to the merchants in the trade. It was generally acknowledged that in the case of Heron and Carr the crash consequent upon proof of Gobert’s integrity would resound loudest. It was unlucky for the youngest diamond-merchant in London that he should have been buying in with such rapidity and vigour. His elders shook their grey heads over Stuart, but consulted him notwithstanding, in this period of crisis; an unconscious tribute to certain brilliant strokes made by the firm within the past three years.

Gobert, having flung his bombshell, did not seem inclined to part too easily with the mysteries of his prescription. Rumour was busy, and prices fluctuated wildly. With difficulty was a panic averted. Stuart firmly declared the magician a fraud; continued to assert it contrary to the opinions of the majority, older men, men of deep experience. It was felt that some decisive step would have to be taken, before Gobert should make newspaper babble of his secret. Already journalism was on the scent; and once known, the romance of the thing would cause it to be gobbled greedily by the public. So the wizard was approached; discreetly sounded; finally, an offer made to him by Sir Fergus Macpherson, of the firm of Grey, Macpherson and Sons, well-known diamond-merchants. An offer of twenty thousand pounds for the purpose of private experiment; a slip of paper, containing the exact ingredients of the manufacture, to be placed, in token of good faith, at the Bank of England. Gobert refused twenty thousand pounds. Not enough. Fifty thousand then? So be it, fifty thousand. The money was paid over, and the experiments started. Then, somehow a doubt of Gobert arose and grew. And that very day, April the 16th, it was finally decided that the envelope was to be opened, the miracle laid bare. If genuine—so much the worse for dealers in diamonds; so much the worse for Stuart Heron in particular. The issue would not have loomed in his eyes so stupendous, were it not that he felt his credit with Derwent and Arthur at stake. The firm had relied on his judgment. So that, sitting in earnest consultation with Sir Fergus and a certain Rupert Rosenstein, his mouth was set in sterner lines than his age warranted, and a deep frown lay between his eyebrows.