"I prefer a small house to a flat," he continued, "and I am lucky enough to have a French manservant and his wife, who run the entire place for me."

He opened a door to the left, and, switching on the electric light, revealed a charmingly furnished dining-room.

"Perhaps you won't mind waiting in here for a moment," he added. "You will find some whisky and soda and a box of cigarettes on the sideboard. Make yourself at home while I go and fetch the papers."

With another genial smile he disappeared into the opposite apartment, and, accepting his invitation, Colin strolled across the room and helped himself to a cigarette.

It was quite evident that, although he was contented with a small house, Mr. Medwin was a gentleman of taste and means. The fine Persian carpet, the harmoniously coloured curtains, and the admirably preserved Chippendale chairs could only have been the choice of a man who was blessed with an ample income and a cultivated feeling for beautiful surroundings.

Having surveyed everything with leisurely appreciation, Colin mixed himself a drink and sauntered back to the fireplace. He had taken a sip and was reaching up to deposit his glass upon the mantelpiece when a small photograph in a silver frame suddenly attracted his attention. He paused mid-way and stared at it with interest. It was a snapshot of a man upon horseback—a rough amateur effort, apparently taken just before the start of a steeplechase.

The rider's face was turned full toward him, and, slightly out of focus as the negative was, the features seemed curiously familiar. He lifted it down and examined it more closely. The impression that it was a picture of someone whom he had met became stronger than ever, but although he racked his memory he could get no nearer toward placing the original.

He was still puzzling over the problem when he heard footsteps crossing the hall. Replacing the frame in its former position, he faced round toward the door, and the next moment Mr. Medwin entered carrying a large envelope in his hand.

"There are the papers," he said, handing them to Colin. "I am sorry to have kept you waiting." His eye fell upon the glass, and with an approving nod he turned away in the direction of the sideboard. "I think I shall have to follow your example," he added, "if it's merely to drink success to your new venture."

He splashed some spirit into a tumbler and filled it up with water.