Furneaux, sitting on the edge of a chair, his head bent forward, his piercing black eyes intent as those of a hawk, a hand resting on each knee, his attitude curiously suggestive of a readiness to spring forward at any instant, now leaned over and tapped the millionaire decisively on the shoulder.

"You couldn't have saved her, Mr. Forbes," he said gravely. "She was marked down as the first warning. Didn't the letter you received this morning tell you something of the sort?"

Agitation gave place to utter astonishment in Forbes's face.

"In Heaven's name, how do you know anything of any letter?" he cried.

"I will tell you later. But am I not right?"

"Yes, you are."

"Where is it? May I see it?"

Forbes took a creased and soiled document from a small, flat cardboard box which he carried in the breast pocket of his coat. But first he withdrew from the box a little object, and placed it on the table. It was an ivory skull, and the very presence of such a sinister token brought some hint of the charnel-house into the cozy and sunlit room.

Furneaux, a creature oddly constituted either of all nerves or of no nerves, disregarded the skull. He had eyes only for the few words typed on a single sheet of note-paper. They ran:

"James Creighton Forbes: If you are willing to come to terms, announce the fact by advertisement in Thursday's Times. Address your reply to Y. M., and sign it 'J. C. F.' Yield, and you will hear further. Refuse, and no other warning will be given."