A white speck took shape beneath the rising Island.

"Are you serious?" I glanced at him but the tight lines of his set mouth convinced me. "I beg your pardon," I murmured. "Go ahead."

"I don't blame you for thinking it was a jest," he said imperturbably, "But, to prove I know what I'm talking about, let me tell you what this man has done whom you have been pursuing. He has done one of two things. Either he has proved himself a dangerous revolutionary or he has engineered the failure of a bank or chain of banks—"

"We can't prove it," I interrupted.

"No," said Foulet, "Neither can we. Neither can Scotland Yard—or the secret services of Belgium or Germany or Italy or Spain. But there you are—"

"You mean that in all these countries—?"

"I mean that for a year—probably longer—these countries have been and are being steadily, and systematically, undermined. The morale of the people is being weakened; their faith in their government is being betrayed—and someone is behind it. Someone who can think faster and plan more carefully than we—someone whose agents we always lose in Constantinople! I'll wager you lost your man from a roof-top."

I nodded, my disgust at my own stupidity returning in full force. "There was a lower roof and a maze of crisscross alleys," I muttered. "He got away."

"Was there an airplane anywhere around?" asked Foulet.