“I only wish I knew.”

“D’you know who wrote it?”

“No,” said Terence. “Either someone’s disguised his handwriting or else it’s a mere kid.”

“What does it matter anyway?” said Rouse. “It’s true, and that’s an end of it.”

Toby was reading it through again and looking carefully at the writing.

“As a matter of fact,” he said at last, “I can tell you who wrote this.”

The two chums turned to him.

“There’s only one fellow I know of who makes a ‘T’ like that,” said Toby. “It’s a pretty good effort at hiding his hand, but it’s not quite good enough. I could identify that ‘T’ anywhere. I’ve seen it too often. The fellow who wrote this is in my form.”

He waited a moment as if that were an intentional hint.

“Well?” said Terence.