Possessed with a feeling akin to cat-like curiosity, Peter walked slowly to the beryl throne steps, where he paused, with his fists gripped tightly in his pockets, his chin up, and his shoulders back.

Close scrutiny did not soften the bestial cruelty of the face of Len Yang's ruler. It was a startling face, as gray as fresh clay, sharply wrinkled. The nose was exceedingly long and sharp, with a crooked joint. Dirty-yellow mandarin mustaches drooped like wet sea-weed from the sides of a curling, sneering mouth.

And it was dominated by a pair of very small, very bright green eyes, set deep and exceedingly close together.

But the tenor of the face was gray, the gray of living death, and from this emblem, Peter suddenly decided, the man had been given his descriptive name.

Long, gray talons reached out from the folds of a mandarin jacket and toyed nervously with a strand of gray hair which jutted from the pigtail winding over the slanting shoulder.

The green eyes blinked as they completed the survey of Peter Moore. The curling lips were moving.

"Peter Moore!" he rasped. "The most daring foreigner who has yet visited my city! Peter the Brazen, with a reputation of breaking the hearts of beautiful women! You are late. I have been waiting upon this visit for two years!"

He leaned forward, and Peter retreated a step.

"What have you done with her?" Peter snapped.

The Gray Dragon sank back with a sigh. "Ah! Would you like to gaze upon that which can never be yours?"