“Yes, but what was the matter with her?”

“Oh, a spavin—she was all right when she got wound up—go like Dexter or Maud S.”

“But if you were buying her what would you have paid for her, Jowett? Come now, man to man, as they say. How much did you pay for her?”

“About what she was worth, Chief, within a dollar or two.”

“And what was she worth?”

“What I paid for her-ten dollars.”

Then the two men looked at each other full in the eyes, and Jowett threw back his head and laughed outright—laughed loud and hard. “Well, you got me, Chief, right under the guard,” he observed.

Ingolby did not laugh outright, but there was a bubble of humour in his eyes. “What happened to the watch?” he asked.

“I got rid of it.”

“In a horse-trade?”