It was evident that this hitherto unthought-of explanation had a remarkable effect upon Mr. Overton.

"It would be that Hebrew chap, the company promoter who was knighted last New Year, Sir Julius Solinski," he said as he resumed the walk. "It would be that fellow who would be at the bottom of any scheme to acquire the land; and the man has a country seat in the adjoining district. Yes, but the bells, Mr. Headland—the bells?"

"Oh, that will be the doing of boys. Up to a lark, you know. A blackened fishing-line carried over the branch of a tree—that sort of thing. Did it myself when I was a youngster. It's all tommyrot about it's being a 'spirit,' you know. Drivel."

"You think so?"

"Why, cert'nly. Don't you?"

"I did once," replied Overton, sinking his voice. "I changed my mind upon that score last night. I'd have stopped that chap, Davis, going to the belfry if I had known in time. I didn't. I was over at Willowby Old Church on business connected with the estate. I was kept later than I had expected, and didn't get back to Valehampton until after dark."

His voice dropped off. He walked on a few steps in silence, his face curiously grave, his eyes very large. Of a sudden he took a slight shivering fit—the last thing in the world one would have expected of such a man—and then threw a nervous glance over his shoulder and looked up at Cleek.

"Mr. Headland," he said, gravely, "heretofore people have merely heard things. Last night I saw!"

"Saw? Saw what?"

"I don't know. Perhaps I never shall. I can give it neither name nor description. I only know that whatever it was it certainly was nothing human."