That Horatio was the right man for the work he wanted done, Mr. Sheldon had been quick to perceive.

"He knows Hawkehurst, and will be able to reckon up any manoeuvres of his better than a stranger; and is, I think, altogether as deep an old gentleman as one could hope to meet with, barring the traditional gentleman who did odd jobs for Dr. Faustus," the stockbroker said to himself, as his hansom sped along Park Lane on its way to Chelsea. The eagerness with which Captain Paget took up the idea of this business was very agreeable to his patron.

"This is an affair in which success hinges on time," said Mr. Sheldon; "so, if you mean to go in for the business, you must start for Ullerton by the two o'clock express. You'll have just time to throw your razors and a clean shirt into a carpet-bag while I talk to you. I've got a cab outside, and a good one, that will take you to Euston Square in half an hour."

The Captain showed himself prompt in action. His bedchamber was a small apartment at the back of the parlour, and here he packed his bag while conversing with his employer.

"If you get upon the ground in time, you may obtain a look at the letters before they are handed over to Hawkehurst, or you may outbid him for them," said Mr. Sheldon; "but remember, whatever you do must be so done as to keep Hawkehurst and George completely in the dark as to our proceedings. If once they find out we are on their track, our chances will be gone, for they have got the information and we haven't; and it's only by following close in their footsteps we can hope to do anything."

"That is understood," replied the Captain, stooping over his bag; "I shall keep myself as close as possible, you may depend upon it. And it shan't be my fault if Valentine sees me or hears of me. I shall want money, by the bye; for one can't stir a step in this sort of affair without ready cash."

"I am quite aware of that. I stopped at the West-end branch of the Unitas and cashed a cheque for forty pounds. You can do a good deal in the way of bribery for forty pounds, in such a place as Ullerton. What you have to do is to keep your eye on Hawkehurst, and follow up every channel of information that he opens for you. He has the clue to the labyrinth, remember, the reel of cotton, or whatever it was, that the young woman gave that Roman fellow. All you have to do is to get hold of it, and follow your leader." continued Philip, with his watch in his hand. "This business of the letters will be sharp work, for the chances are against us here, as it's more than likely the papers will have changed hands before you can get to Ullerton. But if you can't buy the letters, you may buy the information contained in them, and that is the next best thing. Your first move will be to ferret out this man Goodge. Everybody knows everybody else in such a place as Ullerton, large and busy as the town is, and you won't find that difficult. When you see Goodge, you'll know how to deal with him. The mode and manner of your dealing I leave to yourself. You are a man of the world, and will know how to manipulate the gentleman, whoever he may be. And now lock your bag and cut downstairs as fast as you can. Time's up. Here's your money—three tens, two fives. Good day."

CHAPTER II.

EPISTOLARY.

From Horatio Paget to Philip Sheldon.