"Even Laurie didn't believe me," went on Miriam, "until—well, I don't know whether he's quite sure about it to-day. We never discuss the subject, anyway. It's barely possible," she said, flushing, "that he thinks we spent the money long ago."

There was a pause that was a trifle embarrassing to both women. Miriam was the first to speak.

"Murgatroyd is making a name for himself, isn't he?"

Shirley threw up her hands in indignation.

"Who wouldn't, with that stolen money to back him!" she exclaimed fiercely.

Miriam shook her head.

"He's doing good work with it. He's breaking up the organisation—the inside ring. I'm sure that the effect of his work is felt even over here." And then she added vehemently: "But his best work will be over when he has succeeded in breaking Cradlebaugh's. When he does that——"

"After he downs Cradlebaugh's," interrupted Shirley, "if he ever does, I hope he'll down himself. That's my wish for Billy Murgatroyd!"

"Murgatroyd is honest," protested Miriam.

Shirley smiled a hard smile.