"Your Grace, my lords and gentlemen," he said. "I thank you. In accordance with the usual custom of your Club I will explain how I have been able to fulfil my appointed duty. I received an intimation that the Nelson Goblet of the Fellmongers' Company was my entrance fee, and at once took steps to procure it. The matter was hardly difficult. A list of the Company showed me that the treasurer and plate-keeper was a certain Mr. Toft. The directory informed me that he was a steam-tug owner and a contractor to the Admiralty. Inquiry there told me he was under suspicion of bribery and corruption. I played on this little weakness of his, and, if I am not mistaken, I frightened him into the paths of virtue for the rest of his days. In return, he lent me the key of the plate safe of his Company. In broad daylight I proceeded for my booty. To my surprise, I found that I was expected. Someone had placed an agent on the spot to warn the custodian of the building of my intention. An alarm was raised. My lords and gentlemen, at whose instigation was that alarm raised?"

Lord Horton paused. Members looked at each other in mystified amazement. What on earth was he driving at? Was he waiting for a reply?

The silence grew painful. "Who instigated that alarm?" again the speaker asked.

A voice replied, "Presumably Mr. Toft."

"'Presumably Mr. Toft.' Sir Francis Marwood, I thank you for the suggestion. To continue. An alarm was raised by the agent of someone unknown. This agent was a lady who did not know that she was betraying an old friend. A minute later we were face to face. Instantly she pierced through my disguise, and by her presence of mind and fertility of resource alone did I escape."

"Like Sir Francis Marwood, I thought my betrayer was Mr. Toft, and I hastened to interview that gentleman. I found him in a state of extreme nervous prostration, but I left him convinced that it was not he who had betrayed me. So your suggestion, Sir Francis Marwood, is wrong. Can you give me another clue?"

Sir Francis did not reply. He looked uncomfortable at the attention bestowed upon his remark.

"My next step was to trace the lady who had helped me. That also was not difficult. I did not know she was in England, but being here I concluded that the Foreign Office would have her address. I was not mistaken. I found my friend, and learnt that she had her instructions to raise an alarm from—mark the name well, gentlemen—from Sir Francis Marwood, a member of this Club."

Had a live shell fallen into their midst it would probably have caused less consternation than did this announcement. There was an involuntary exclamation from everyone. For a moment all eyes were fixed on Sir Francis. Then each man drew himself up and stared blankly into space.

"The fame of your Club had reached me, and the novelty of its membership appealed to me." Again Lord Horton was speaking. "I felt that its risks would give a pleasing zest to civilian life, but I did not know that members were allowed to pay off old scores on each other through its medium. Last year I considered it my duty to advise against Sir Francis Marwood's appointment to Lisbon. This was his revenge. I was prepared to run any and all risks from without, but did not anticipate betrayal from within. Gentlemen, you have done me the honour to elect me as a member of your Club. I have paid my subscription. Now I beg to tender my resignation."