The perspiration was damp on his brow. I could see the sweat glisten on the bristles of his iron-grey hair.

"In my day, in the years of Germany's greatness, I was all-puissant! I had but one master—the Emperor himself! No one—no one, do you understand?—not the Imperial Chancellor nor even the head of the Civil Cabinet, who was a greater man than he—dare give me—der Stelze, orders! Yet I had no official position! My name was in no Rang-Liste and I held no decorations. Der Stelze was not to be bought by those glittering crosses and stars with which so many of my fellow-countrymen loved to hang themselves! No, I was the secret power of the throne, the instrument of His Majesty. And, with this one exception, the highest in the land trembled at my name...."

His voice sounded tired; and it seemed to me that, of a sudden, he had, in truth, become an old man. His figure had relaxed; he appeared to have grown grosser of body than of yore; the flesh of his face was sagging and his cheeks had fallen in.

"This was to have been the last adventure," he resumed and stared at me defiantly, "the last of how many? Friends of my master told me of this hoard and delegated me to proceed to Central America to track it down. What they would have given me for my pains would have sufficed to enable me to realise my dream of settling down on a little property I have in Baden, and of passing the evening of my days in peace...."

"And what did your friends want the money for?" I asked.

"That," retorted Grundt proudly, "is the business of my master!"

His words gave me my answer; for I knew of the existence of secret funds destined to bring the Hohenzollerns back to the throne which they had so shamefully abandoned.

"You matched yourself against me, Okewood," Grundt said suddenly, "at a time when already the axe was laid at the roots of the German oak. In the long seclusion which followed my wound—they found it necessary, as you know, to give out that I was dead—I used sometimes to think that our duel was a miniature reproduction of the struggle between Germany and England. And in neither case am I quite clear as to why the Engländer won!"

"Perhaps it was a case of conscience, Herr Doktor?"

The German looked up at me in surprise.