West hesitated.

"It was all transferred to me by Captain Wegg and Will Thompson."

"Does the transfer appear upon the stock itself?"

"Of course, sir."

"In that case," said Uncle John, "I shall be obliged to ask your pardon.
But the fact can be easily proved."

He walked to the open cupboard, felt for the slide Joe had described to him, and drew it forward. A small drawer was behind the orifice, and from this Mr. Merrick drew a packet of papers.

West gave a start and half arose. Then he settled back into his chair again.

"H-m. This appears to be the stock in question," said Uncle John. He drew a chair to the table, unfolded the documents and examined them with deliberate care.

The nieces watched his face curiously. Mr. Merrick first frowned, then turned red, and finally a stern, determined look settled upon his rugged features.

"Take your stock, Mr. West," he said, tossing it toward the man; "and try to forgive us for making fools of ourselves!"