It was evident to me that Mr. Lindsey was still more taken aback. What we had learned during the last half-hour seemed to surprise him. And Mr. Portlethorpe, who was sharp enough of observation, saw this, and made haste to step into the arena.

"Mr. Lindsey," he said, "has been much upset by the apparently extraordinary circumstances of Sir Gilbert Carstairs' disappearance—and so, I may say, has Sir Gilbert's sister, Mrs. Ralston. I have pointed out that Sir Gilbert himself may have—probably has—a quite proper explanation of his movements. Wait a minute, Lindsey!" he went on, as Mr. Lindsey showed signs of restiveness. "It's my turn, I think." He looked at Mr. Paley again. "Your transactions with Sir Gilbert have been quite in order, all through, I suppose—and quite ordinary?"

"Quite in order, and quite ordinary," answered the stockbroker readily. "He was sent to me by the manager of the Scottish-American Bank, who knows that I do a considerable business in first-class American securities and investments. Sir Gilbert told me that he was disposing of a great deal of his property in England and wished to re-invest the proceeds in American stock. He gave me to understand that he wished to spend most of his time over there in future, as neither he nor his wife cared about Hathercleugh, though they meant to keep it up as the family estate and headquarters. He placed considerable sums of money in my hands from time to time, and I invested them in accordance with his instructions, handing him the securities as each transaction was concluded. And—that's really all I know."

Mr. Lindsey got in his word before Mr. Portlethorpe could speak again.

"There are just two questions I should like to ask—to which nobody can take exception, I think," he said. "One is—I gather that you've invested all the money which Sir Gilbert placed in your hands?"

"Yes—about all," replied Mr. Paley. "I have a balance—a small balance."

"And the other is this," continued Mr. Lindsey: "I suppose all these American securities which he now has are of such a nature that they could be turned into cash at any time, on any market?"

"That is so—certainly," assented Mr. Paley. "Yes, certainly so."

"Then that's enough for me!" exclaimed Mr. Lindsey, rising and beckoning me to follow. "Much obliged to you, sir."

Without further ceremony he stumped out into the street, with me at his heels, to be followed a few minutes later by Mr. Portlethorpe. And thereupon began a warm altercation between them which continued until all three of us were stowed away in a quiet corner of the smoking-room in the hotel at which it had been arranged Mr. Gavin Smeaton was to seek us on his arrival—and there it was renewed with equal vigour; at least, with equal vigour on Mr. Lindsey's part. As for me, I sat before the two disputants, my hands in my pockets, listening, as if I were judge and jury all in one, to what each had to urge.