'There was a third and last transaction,' said the broker, 'this time in April. Here is the letter written by you with instructions exactly the same as in the previous cases, but dealing with the stock to the amount of 19,000l., which we duly carried out, and for which we received your cheque—for commission.'

'Every one of these letters—every signature of mine to transfer papers and to cheques—was a forgery,' said Mr. Dering slowly. 'I have no client named Edmund Gray: I know no one of the name: I never received any money from the transfers: these investments are stolen.'

'Let me look at the letters again,' said George. He examined them carefully, comparing them with each other. 'They are so wonderfully forged that they would deceive the most careful. I should not hesitate, myself, to swear to the handwriting.'

It has already been explained that Mr. Dering's handwriting was of a kind which is not uncommon with those who write a good deal. The unimportant words were conveyed by a curve, with or without a tail, while the really important words were clearly written. The signature, however, was large, distinct, and florid—the signature of the House, which had been flourishing for a hundred years and more, a signature which had never varied.

'Look at it,' said George again. 'Who would not swear to this writing?'

'I would for one,' said Mr. Ellis. 'And I have known it for forty years and more.—If that is not your own writing, Dering, it is the very finest imitation ever made.'

'I don't think my memory can be quite gone.—Checkley, have we ever had a client named Edmund Gray?'

'No—never. But you've forgotten one thing. That forgery eight years ago—the cheque of 720l.—was payable to the order of Edmund Gray.'

'Ah! So it was. This seems important.'

'Most important,' said George. 'The forger could not possibly by accident choose the same name. This cannot be coincidence. Have you the forged cheque?'