'Quite right,' said Mr. Dering.

'I asked him next, what he would do if the customer sent for the papers. He said that if an action were brought, he would probably be served with a sub pœna duces tecum, making him keep and produce these papers as forming part of the documents in the case.'

'Certainly, certainly; the manager knows his law.'

'"And," he went on, "as regards cheques, I shall pay them or receive them until restrained."'

'In other words, he said what we expected. For our own action now.'

'We might apply to a judge in Chambers for an attachment or a garnishee order. That must be pendente lite, an interlocutory proceeding, in the action. As yet, we have not brought an action at all. My partner'—Mr. Dering rubbed his hands cheerfully—'I think we have done very well so far. These are clumsy scoundrels, after all. They thought to divert suspicion by using my name. They thought to cover themselves with my name. But they should have sold and realised without the least delay. Very good. We have now got our hands upon the papers. It would have complicated matters horribly had the stock been sold and transferred. So far we are safe. Because, you see, after what they have heard, the Bank would certainly not give them up without letting us know. They would warn us: they would put the man off: they would ask him awkward questions about himself. Oh! I think we are safe—quite safe.'

Mr. Dering drew a long breath. 'I was thinking last night,' he continued, 'of the trouble we might have if those certificates had changed hands. They might have been bought and sold a dozen times in four months: they might have been sold in separate small lots, and an order of the Court necessary for every transaction. We have now nothing but the simple question before us: how did the man Edmund Gray get possession of this property?'

He sat in silence for a few minutes. Then he went on quietly. 'To lose this money would be a heavy blow for me—not all my fortune, nor a quarter, but a large sum. I have plenty left. I have no hungry and expectant heirs: my people are all wealthy. But yet a very heavy loss. And then—to be robbed. I have always wondered why we left off hanging robbers. They ought to be hanged, every one. He who invades the sacred right of property should be killed—killed without hope of mercy.' He spoke with the earnestness of sincerity. 'To lose this property would not be ruin to me; yet it would be terrible. It would take so many years out of my past life. Every year means so much money saved. Forty thousand pounds means ten years of my past—not taken away so that I should be ten years younger, but, ten years of work annihilated. Could I forgive the man who would so injure me? Never.'

'I understand,' said George. 'Fortunately, we shall get the papers back. The fact of their possession must connect the possessor with the fraud. Who is he? Can he be warned already? Yet who should tell him? Who knows that we have discovered the business? You—your friend Mr. Ellis—the manager of the Bank—no one else. Yes—there is also Checkley—Checkley,' he repeated. He could not—yet—express his suspicions as to the old and faithful servant. 'Checkley also knows.'

At this point Checkley himself opened the door and brought in a card—that of the Bank manager.