She looked up at that and he was surprised at the diffidence reflected in her manner.

"It isn't that it is anything you should not know," she said with an effort to choose her words carefully. "On the contrary, you should know it. But it is never pleasant to be the bearer of—bad news."

"'Nothing is ever so bad that it might not be worse,'" he quoted, endeavoring to cover his anxiety by a smile. "What is it, please?"

"It is about your uncle, Mr. Kendrick." She turned to face him squarely and spoke rapidly. "We have undeniable proof that the Honorable Milton Waring is in collusion with Nickleby—and, incidentally, Rives—and they are planning to misuse the funds of the Interprovincial Loan & Savings Company. They are meeting about midnight on the twenty-seventh at your uncle's house—over on the Island—to close a deal which involves control of Interprovincial stock. Nickleby has agreed to dispose of his holdings and those of his clique at grossly inflated prices and to provide the money for the purchase by a large loan with very inadequate collateral security. In plain language it is a huge steal which may mean, possibly, that the loan company will have to close its doors."

CHAPTER XXII

LOWERING CLOUDS

Phil gazed gravely at the girl's flushed, excited face; then at the pale, serious Jimmy Stiles. He could not smile at this startling statement as an out-and-out absurdity when it was so apparent that both of them were sincere in their belief that it was the truth.

"That is a pretty serious charge you are making, Miss Lawson," he said quietly. "You speak of undeniable proof that my uncle is in collusion with Nickleby. I think we may eliminate Rives as impossible in this connection. As you know, my uncle was the man who put Rives in jail, where he belonged. Just what do you mean by 'undeniable proof'?"

"It is true that Rives was jailed through your uncle's efforts, but that was twelve years ago, Mr. Kendrick. Twelve years is a long time—in office. Political brooms have an unfortunate tendency of late years to lose their splinters very rapidly once they are sure of a place inside the door and it isn't a great while before they no longer sweep clean."

"'Undeniable proof,' I believe you said," persisted Phil.