'The man is dangerous, George, as well as malignant. But I think he will do you no harm in the long run. Have you told Athelstan what is going on?'

'Certainly. He follows the business with the greatest interest. He agrees with me that the thing is done out of the office with the help of some one in it. Now, the point is, that the man in the office must have the control of the post. All the letters must pass through his hands. 'Who is that man? No one but Checkley. Everything turns on that. Now, here is a lucky accident. An old friend of Athelstan's, a man who coaches, has Chambers on the same stairs and on the same floor. He knows this Mr. Edmund Gray. We have been to his rooms to question him.'

'Is it to see this old friend that Athelstan visits No. 22?'

'Yes. His name is Carstone—commonly called Freddy Carstone—a pleasing man, with a little weakness, which seems to endear him to his friends.'

'This is the way in which things get distorted in a malignant mind! Well. What did this gentleman tell you about this mysterious Edmund Gray?'

'Nothing definite. That he is some kind of Socialist we knew before: that he has occupied the Chambers for ten years or so we knew before. Also, that he is an elderly gentleman of benevolent aspect. And that he is irregular in his visits to his Chambers. We seem to get no further. We see Checkley coming out of the house. That connects him, to be sure. But that is not much. There is no connection established between Edmund Gray and the forgeries in his name. Nor between Checkley and the forgeries. One feels that if one could lay hold of this mysterious elderly gentleman, a real step in advance would be taken.'

'You talked at first of arresting him on the charge.'

'Well—there is no evidence. His name has been used—that is all. On that evidence no magistrate would issue a warrant. Sometimes one's head goes round with the bewilderment of it. I've managed to learn something about Checkley in the course of these inquiries. He is quite a great man, Elsie; a tavern oracle in the evening; a landlord and householder and collector of his own rents at odd hours; a capitalist and a miser. But he is not, as thought at first—Edmund Gray.'

They had by this time got round to the house again. 'Go, now, George,' said Elsie. 'See Athelstan this evening. Tell him that I must go to him. I will tell him why to-morrow.'

'If he is not at his club I will go to his lodgings. If he is not there I will wait till he comes home. And before I go home I will drop a note for you.—Good-night, sweetheart—good-night.'