"No," she answered readily enough. "I took it home, Mr. Allerdyke. But there's no spot on my print—I should have noticed it at once. May I look at your album when Mr. Fullaway's finished with it?"

Allerdyke left the album with them and went away. He was utterly astonished by Mrs. Marlow's coolness. If, as he already believed, she was mixed up in the murders and robberies, she must know that the photograph which James Allerdyke had given her was a most important factor, and yet she spoke of it as calmly and unconcernedly as if it had been a mere scrap of paper! Of course she hadn't got it at the office—nor at her home either—it was there at Hull, fitted into the cover of Lydenberg's old watch.

"A cool hand!" soliloquized Allerdyke as he went downstairs. "Cool, clever, calm, never off her guard. A damned dangerous woman!—that's the long and short of it. And—what next?"

Experience and observation of life had taught Marshall Allerdyke that good counsel is one of life's most valuable assets. He could think for himself and decide for himself at any moment, but he knew the worth and value of putting two heads together, especially at a juncture like this. And so, the afternoon being still young, he went off to his warehouse in Gresham Street, closeted himself with Ambler Appleyard, and having pledged him to secrecy, told him all that had happened since the previous morning.

Ambler Appleyard listened in silence. It was only two or three hours since he had listened to another story—the report of the two Gaffneys, and Allerdyke, all unaware of that business, had come upon him while he was still thinking it over. And while Appleyard gave full attention to all that his employer said, he was also thinking of what he himself could tell. By the time that Allerdyke had finished he, too, had decided to speak.

"So there it is, my lad!" exclaimed Allerdyke, throwing out his hands with an eloquent gesture as he made an end of his story. "I hope I've put it clearly to you. It's just as that Chap Chettle said—the whole secret is in that photograph! And isn't it plain?—that photograph must have been transferred somehow by this Mrs. Marlow to this Lydenberg. How? Why? When we can answer those questions—"

He paused at that, and, looking fixedly at his manager, shook his head half-threateningly.

"I'll tell you what it is, Ambler," he went on, after a moment's silence. "I've got a good, strong mind to go straight to the police authorities, tell 'em what I know, insist on 'em fetching Chettle up from Hull at once, and having that woman arrested. Why not?"

"No!" said Appleyard firmly. "Not yet. Too soon, Mr. Allerdyke—wait a bit. And now listen to me—I've something to tell you. I've been busy while you've been away—in this affair. Bit of detective work. I'll tell you all about it—all! You remember that day I went to lunch with you at the City Carlton, and you pointed out this Mrs. Marlow to me, going into Rothschild's? Yes, well—I recognized her."

"You did!" exclaimed Allerdyke. "Nay!"