"Nat," said Joseph, in a deep voice, "was the Soul of Honour. He would never have consented."

The Inspector looked at him. "You weren't in his confidence, sir?"

"Not about business matters," confessed Joseph. "You see, I've never had the least head for that sort of thing. I chose to follow Art, and though I daresay many people would think me a fool, I've never regretted it."

"And you, sir?" asked Hemingway, addressing Stephen. Just what did you know about this?"

"The bare facts. My uncle had discovered the gunrunning racket, and he wasn't pleased about it. In fact, he was damned angry."

"Nathaniel was too good a business man not to have seen reason, in face of the balance-sheets during the past three or four years!" said Mottisfont. "I don't mind admitting that we hadn't been doing well."

The Inspector said: "If it's all the same to you, sir, I'd like to know how things stand. What are your Articles of Association? What happens to Mr. Herriard's shares?"

"They were to be offered to the remaining shareholders pro rata," replied Mottisfont. "A very ordinary arrangement."

"That is to say that you would then have a two-thirds interest in the company, and Mr. Stephen Herriard onethird?"

"Certainly."