Accepting the box with a little bow, the Jew pressed the catch and discovered its contents. But the richness of the treasure thus disclosed did not seem to surprise him; and, indeed, he had more than once been introduced with no more formality to plunder of far greater value. Fitting a jeweller's glass to his eye, he took up one after another of the pieces and examined them under the lamplight. Presently he replaced the last, shut down the cover of the box, turned a thoughtful countenance to Lanyard, and made as if to speak, but hesitated.

"Well?" the adventurer demanded impatiently.

"This, I take it," said the Jew absently, tapping the box, "is the jewellery of Madame Omber."

"I took it," Lanyard retorted good-naturedly—"not to put too fine a point upon it!"

"I am sorry," the other said slowly.

"Yes?"

"It is most unfortunate…"

"May one enquire what is most unfortunate?"

The Jew shrugged and with the tips of his fingers gently pushed the box toward his customer. "This makes me very unhappy," he admitted: "but I have no choice in the matter, monsieur. As the agent of my principals I am instructed to refuse you an offer for these valuables."

"Why?"