“Would you mind reading the letter, sir?” I said; “that will answer the question better than I can.”

Mr Barnacle did so, and Mr Merrett also.

In the midst of my trouble it was at least a satisfaction to see the look of disgust which came into both their faces as they perused its contents.

“A dastardly letter!” said Mr Merrett. “How came Masham to know of Smith’s private affairs?”

“Hawkesbury overheard Smith and me talking of them on the first occasion that we found him here, and must have told Masham, who had a grudge against Smith.”

“You heard, of course, that Hawkesbury included Smith as well as yourself in his accusation?”

“Yes, I did. And I wish he was here to confirm my denial of it. What happened was—”

“Yes,” said Mr Barnacle, “you need not go into that again. But answer one more question, Batchelor. Are you acquainted with Masham?”

“Slightly. I once was introduced to him by Hawkesbury and spent a day with him.”

“Have you any reason to believe he is a swindler?”