“Yes, it is rather a fine stone,” said Janvard, dryly.

“May I be allowed to examine it?” asked Tom, as he poured out the wine with a hand that was slightly unsteady.

“I should be most happy to oblige monsieur,” said Janvard, hastily, “but the ring fits me so tightly that I am afraid I should have some difficulty in getting it off my finger.”

“Hang it all, man, the least you can do is to try,” cried Tom.

The Frenchman flushed slightly, drew off the ring with some little difficulty, and passed it across the table to Tom. Tom’s fingers clutched it like a vice. Janvard saw the movement and half rose, as if to reclaim the ring; but it was too late, and he sat down without speaking.

Tom pushed the ring carelessly over one of his fingers, and turned it towards the light. “A very pretty gem, indeed!” he said. “And worth something considerable in sovereigns, I should say.”

“Will you allow me to examine it for a moment?” asked Lionel gravely, as he held out his hand. For the second time Janvard half rose from his seat, and for the second time he sat down without a word. Tom handed the ring across to Lionel.

“A magnificent stone, indeed,” said the latter, “but somewhat old-fashioned in the setting. But that only makes it the more valuable in my eyes. A family heirloom, without doubt. And see! inside the hoop are three initials. They are somewhat difficult to decipher, but if I read them aright they are M. K. L.”

“Yes, yes, monsieur,” said Janvard, uneasily. “As you say, M. K. L. The initials of the friend who gave me the ring.” He held out his hand, as if expecting that the ring should at once be given back to him, but Lionel took no notice of the action.

“Three very curious initials, indeed,” said Lionel, musingly. “One could not readily fit them to many names. M. K. L. They put me in mind of a curious coincidence—of a very remarkable coincidence indeed. I once had a friend who had a ruby ring very similar to this one, and inside the hoop of my friend’s ring were three initials. The initials in question were M. K. L. Precisely the same as the letters engraved on your ring, Monsieur Janvard. Curious, is it not?”