"I knew you would be waiting for it, Inspector. Your powers of deductive reasoning more and more are earning my respect. You recall that singular case? The elaborate network extending from London to Buenos Ayres, from Peking to Petrograd? Ah! a wonderful system. It was an opium syndicate, you understand,"—turning again to the Assistant Commissioner.

"I recall the case," replied the Commissioner, "although I did not hold my present appointment at the time. I believe there were unsatisfactory features?"

"There were," agreed Max. "We never solved the mystery of the identity of 'Mr. King,' and although we succeeded in destroying the enterprise I have since thought that we acted with undue precipitation."

"Yes," said Dunbar rapidly; "but there was that poor girl to be rescued, you will remember? We couldn't waste time."

"I agree entirely, Inspector. Our hands were forced. Yet, I repeat, I have since thought that we acted with undue precipitation. I will tell you why. Do you recall the loss—not explained to this day—of the plans of the Haley torpedo?"

"Perfectly," replied the Commissioner; and Dunbar also nodded affirmatively.

"Very well. A similar national loss was sustained about the same time by my own Government. I am not at liberty to divulge its exact nature, as in the latter case the loss never became known to the public. But the only member of the French Chamber who had seen this document to which I refer was a certain 'M. Blank,' shall we say? I believe also that I am correct in stating that the late Sir Brian Malpas was a member of the British Cabinet at the time that the Haley plans were lost?"

"That is correct," said the Assistant Commissioner, "but surely the honour of the late Sir Brian was above suspicion?"

"Quite," agreed Max; "so also was that of 'M. Blank.' But my point is this: Both 'M. Blank' and the late Sir Brian were clients of the opium syndicate!"

Dunbar nodded again eagerly.