He was a real personage—a living man—not a Firm—one known to the landlord of the Chambers, and to the laundress, if to nobody else. He did not live in the Chambers, but he used them for some business purposes; he sometimes called there and wrote. What did he write? Where was he, and what was he doing, when he was not at the Chambers? He might be one—leader or follower—of some secret gang. One has read of such gangs, especially in French novels, where the leaders are noble Dukes of the first rank, and Princesses—young, lovely, of the highest fashion. Why should there not be such a gang in London? Clever conspirators could go a very long way before they were even suspected. In this civilisation of cheques and registered shares and official transfers, property is so much defended that it is difficult to break through the armour. But there must be weak places in that armour. It must be possible for the wit of man to devise some plan by means of which property can be attacked successfully. Had he struck such a conspiracy?

Thus. A man calling himself Edmund Gray gets a lease of Chambers by means of a forged letter in answer to a reference. It is convenient for certain conspirators, hereinafter called the company, to have an address, though it may never be used. The conspiracy begins by forging a cheque to his order for 720l. That was at the outset, when the conspirators were young. It was found dangerous, and the notes were therefore replaced in the safe. Note, that the company, through one or other of its members, has access to that safe. This might perhaps be by means of a key—in the evening, after office hours: or by some one who was about the place all day.

Very good. The continued connection of some member of the Firm with Dering and Son is proved by the subsequent proceedings. After eight years, the company having matured their machinery, and perhaps worked out with success other enterprises, return to their first quarry, where they have the advantage of access to the letters, and can look over their disposition. They are thus enabled to conduct their successive coups, each bigger than the one before. And for four months the thing remains undiscovered. Having the certificates in their hands, what was to prevent them from selling the whole and dividing the proceeds? Nothing. Yet, in such a case they would disappear, and here was Edmund Gray still fearlessly at large. Why had he not got clear away long before?

Again—all the correspondence concerning Edmund Gray was carried on between the office and the brokers. There were no letters from Edmund Gray at all. Suppose it should be found impossible to connect Edmund Gray with the transactions carried on in his name. Suppose the real Edmund Gray were to deny any knowledge at all of the transactions. Suppose he were to say that ten years before he had brought a letter of introduction to Mr. Dering, and knew nothing more about him. Well—but the certificates themselves—what about them? Their possession would have to be accounted for. So he turned the matter over and over and arrived at nothing, not even the next step to take.

He went back to the Chief and reported what he had discovered: the existence of an Edmund Gray—the letter of recommendation to the landlord. 'Another forgery,' groaned Mr. Dering.

'It is done in the office,' said George. 'It is all done in the office—letters—cheques—everything.'

'The office,' Checkley repeated. 'No doubt about it.'

'Give up everything else, George,' said Mr. Dering eagerly 'everything else. Find out—find out. Employ detectives. Spend money as much as you please. I am on a volcano—I know not what may be taken from me next. Only find out, my partner, my dear partner—find out.'

When George was gone, Checkley went after him and opened the door mysteriously, to assure himself that no one was listening.

'What are you going on like that for, Checkley?' asked his master irritably. 'Is it another forgery? It rains forgeries.'