“Quite. That’s her story, as far as one can get at it. But I put it to you, isn’t it far more likely—prima facie at any rate—that the girl is trying to steal it from the old dealer?”

“I believe the poor thing is speaking the truth,” said Woman in the person of Miss Laura Babraham.

“You mean, my dear,” said her logical parent, with a sad little smile, “that you hope she is speaking the truth. With all my heart I hope so, too, even if it proves this old man—Gedge you say his name is—to be a terrible scoundrel. One of them certainly is not playing straight—but prima facie, as I say—if we call in the police, it is almost certain that it is this wretched girl who will find herself in prison.”

“There I don’t agree, papa,” said Woman staunchly. “The poor thing says that William the assistant gave her the picture; and in all the dealings I have had with William in the course of the past year, he has been honesty itself.”

Her father shook his head gently. “All very well, but Master William is the part of the story I like least. Is it probable, in the first place, that a young man who almost certainly has no money of his own, would be able to get possession of such a thing; and, again, assuming him to be clever enough to do so, is he going to be such a fool as to give it away to this girl? Let us look all the facts in the face. To my mind, the more one thinks of it the more inevitable the plain solution is.”

“I’m absolutely convinced that William, at any rate, is honest.”

Sir Arthur frowned and opened his cigar case. “And I for my part am convinced,” he said, with a sigh as he cut off the end of a Corona, “that our friend William is a cunning scoundrel, who has been deep enough to get this young woman to do the dirty work and run all the risks, because he must know as well as anybody that a great deal of money is at stake.”

Laura Babraham had a considerable respect for her father’s judgment, yet she knew the value of her own. She did not think it was possible to be so deceived; her dealings with William had left her with the highest regard for his straightforwardness; if he proved to be the despicable creature Sir Arthur’s fancy painted him, never again would she be able to hold an opinion about anyone. Yet her father’s analysis of the case, as it presented itself to her clear mind, left her on the horns of a dilemma. Either this young man was a fool, or he was a rogue. Beset by two evils, she chose without hesitation that which to the feminine mind appeared the less.

“He’s always struck one as rather simple in some ways and too much under the thumb of the old dealer, yet he’s really very clever.”

Sir Arthur drew mental energy from his Corona. “Not clever enough to keep honest, my dear.”