'No; it is not my writing. I did not write that letter. This is the first I have heard of the contents of that letter.—Look at the signature, Checkley. Two clots are wanting after the word Dering, and the flourish after the last "n" is curtailed of half its usual dimensions. Did you ever know me to alter my signature by a single curve?'

'Never,' Checkley replied. 'Two clots wanting and half a flourish.—Go on, sir; I've just thought of something. But go on.'

'You don't mean to say that this letter is a forgery?' asked Mr. Ellis. 'Why—then—— Oh! it is impossible. It must then be the beginning of a whole series of forgeries. It's quite impossible to credit it. The letter came from this office: the post-mark shows it was posted in this district: the answer was sent here. The transfers—consider—the transfers were posted to this office. They came back duly signed and witnessed—from this office. I forwarded the certificate made out in the name of Edmund Gray—to this office: and I got an acknowledgment—from this office. I sent the account of the transaction with my commission charges—to this office, and got a cheque for the latter—from this office. How can such a complicated business as this—only the first of these transactions—be a forgery? Why, you want a dozen confederates at least for such a job as this.'

'I do not quite understand yet,' said George, inexperienced in the transfer of stocks and shares.

'Well, I cannot sell stock without the owner's authority; he must sign a transfer. But if I receive a commission from a lawyer to transfer his stock to a client, it is not my business to ask whether he receives the money or not.'

'Yes—yes. And is there nothing to show for the sale of this 6,000l. worth of paper?' George asked Mr. Dering.

'Nothing at all. The letters and everything are a forgery.'

'And you, Mr. Ellis, received a cheque for your commission?'

'Certainly.'

'Get me the old cheques and the cheque-book,' said Mr. Dering. The cheque was drawn, as the letter was written, in Mr. Dering's handwriting, but with the slight difference he had pointed out in the signature.