It was as he reached the pavement that Algy dashed out after him, with genuine alarm written all over his face.

“Hugh,” he spluttered, “there’s only one stipulation. An armistice must be declared during Ascot week.”

With a thoughtful smile on his face Drummond sauntered along Pall Mall. He had told Longworth more or less on the spur of the moment, knowing that gentleman’s capabilities to a nicety. Under a cloak of assumed flippancy he concealed an iron nerve which had never yet failed him; and, in spite of the fact that he wore an entirely unnecessary eyeglass, he could see farther into a brick wall than most of the people who called him a fool.

It was his suggestion of telling Toby Sinclair that caused the smile. For it had started a train of thought in Drummond’s mind which seemed to him to be good. If Sinclair—why not two or three more equally trusty sportsmen? Why not a gang of the boys?

Toby possessed a V.C., and a good one—for there are grades of the V.C., and those grades are appreciated to a nicety by the recipient’s brother officers if not by the general public. The show would fit Toby like a glove.... Then there was Ted Jerningham, who combined the roles of an amateur actor of more than average merit with an ability to hit anything at any range with every conceivable type of firearm. And Jerry Seymour in the Flying Corps.... Not a bad thing to have a flying man—up one’s sleeve.... And possibly some one versed in the ways of tanks might come in handy....

The smile broadened to a grin; surely life was very good. And then the grin faded, and something suspiciously like a frown took its place. For he had arrived at the Carlton, and reality had come back to him. He seemed to see the almost headless body of a man lying in a Belfast slum....

“Mr. Potts will see no one, sir,” remarked the man to whom he addressed his question. “You are about the twentieth gentleman who has been here already to-day.”

Hugh had expected this, and smiled genially.

“Precisely, my stout fellow,” he remarked, “but I’ll lay a small amount of money that they were newspaper men. Now, I’m not. And I think that if you will have this note delivered to Mr. Potts, he will see me.”

He sat down at a table, and drew a sheet of paper towards him. Two facts were certain: first, that the man upstairs was not the real Potts; second, that he was one of Peterson’s gang. The difficulty was to know exactly how to word the note. There might be some mystic pass-word, the omission of which would prove him an impostor at once. At length he took a pen and wrote rapidly; he would have to chance it.