Then he took up the telegraphic message and read, "Scheme impracticable. Cannot compromise with Mortimer. Harper and the Syndicate against us. Details following."

Deringham said nothing, but sat staring before him with a face that seemed to have grown suddenly grey and haggard, until his daughter spoke to him.

"Have you had bad news, father?" she said.

The man, who had been sitting so that the light which shone out from the room behind them fell upon him, moved. "I have," he said. "This message informs me that at least ten thousand pounds have been virtually taken out of my pocket. As it happened, I wanted the money somewhat badly."

He rose, and entering the house met Alton coming out of it. The Canadian brushed past him with a letter in his hand, and Deringham turned a moment and looked after him. The financier's face was not pleasant just then, and there was a curious glitter in his eyes, while Seaforth, who was following his comrade, stared at him as he passed, and came up with Alton on the verandah.

"What has gone wrong with Deringham?" he said.

"I don't know," said Alton lightly. "Do you think anything has?"

"That," said Seaforth, "is what I am asking you. He looked condemnably ugly just now. One could have fancied that he contemplated killing somebody."

Alton laughed. "Got a little business trip up, I expect," he said, and moved forward as he spoke. "Here's word from Mrs. Jimmy. She wants to know when I'm going to begin. Women are very persistent, Miss Deringham, but this one has some reason."

"They usually have," said the girl. "I do not, however, know Mrs.
Jimmy."