“What is it?” said Raymond.

Her eyes went from her father to Henry.

Sir William’s hand was shaking. Henry wore a look of grave concern.

“What is it?” she repeated.

“It’s Formula ‘A’”—Sir William’s voice was just a deep growl. “He comes here, and he tells me that Formula ‘A’ has been stolen. I’ve told him to his face, and I tell him again, that it’s a damned impossibility.”

The shaking hand fell heavily upon the table and made the glasses ring.

“Formula ‘A’?” said Raymond—“stolen? Henry, you can’t mean it?”

“I’m afraid I do,” said Henry, at his quietest. “I’m afraid there’s no doubt about it. We have the most indisputable evidence that Formula ‘A’ has been offered to—well, to a foreign power.”

The flush upon Sir William’s face deepened alarmingly. Under the bristling grey brows his eyes were hard with anger. He began to speak, broke off, swept his papers to one side, and, taking up the tantalus and the used glass, poured out a third of a glass of whisky. He let a small quantity of soda into it with a vicious jerk, and then sat with the glass between his hands, alternately sipping from it and interjecting sounds of angry protest.

“The information is, I’m afraid, correct.”