'Yes,' said Elsie, 'I must tell you. Perhaps I ought to have told you before. Yet there was a reason. Now—you will be greatly astonished, George.'

'Before you begin, Elsie '—Athelstan removed his cigar—'I must tell you that yesterday evening I, too, made a discovery—what the Americans call a pivotal discovery—a discovery that discovers everything. I should have told you last night, but you announced your communications for this evening, and I thought we would expose our discoveries at the same time.'

'You have found out too!' Elsie cried. 'I see by your face that you have. Well, Athelstan, so much the better. Now, tell your discovery first, and I will follow.'

'It is this. I have discovered Edmund Gray. I have sat with him and discoursed with him, in Freddy Carstone's Chambers. He came in, sat beside me, and conversed for more than an hour.'

'Oh!' said Elsie. 'Then you know all—as much as I know.'

'Observe,' George interposed, 'that I know nothing as yet.'

'Wait a moment, George. Learn that I have myself known Mr. Edmund Gray for a fortnight. You will think, perhaps, that I ought to have told you before. Well—but there is a reason—besides, the way, to begin with, did not lie quite clear before me. Now the time has come when you should advise as to the best course to follow.'

'You have certainly been more mysterious than any oracle, Elsie. Yet you will bear witness, if it comes to bearing witness, that I accepted your utterances and believed in them.'

'You certainly did, George.—And now, Athelstan, tell him the whole.'

'In one word then—Edmund Gray, the man we have been looking after so long, is none other than Edward Dering, of 12 New Square, Lincoln's Inn, Solicitor.'