"You insist, Mr. Smith?"

"As your guest, I regret the necessity for reminding you that I hold authority to enforce it."

Denby fidgeted uneasily. The tone of the conversation was growing harsh and the atmosphere of the library portentous with brewing storms.

There was a short, silent interval.

"This is what I had feared and expected," said the clergyman. "This was my reason for not seeking official protection."

"The phantom Yellow Peril," said Nayland Smith, "to-day materializes under the very eyes of the Western world."

"The 'Yellow Peril'!"

"You scoff, sir, and so do others. We take the proffered right hand of friendship nor inquire if the hidden left holds a knife! The peace of the world is at stake, Mr. Eltham. Unknowingly, you tamper with tremendous issues."

Mr. Eltham drew a deep breath, thrusting both hands in his pockets.

"You are painfully frank, Mr. Smith," he said; "but I like you for it. I will reconsider my position and talk this matter over again with you to-morrow."