At the mention of jewel theft I at once pricked up my ears.

“Then Hauser may be a receiver of stolen jewels, eh?” I whispered.

“I would not like to say that, m’sieur, but depend upon it he is a person to be gravely suspected. What business he has with the banker I cannot imagine.”

I knew Morosini by repute. I had heard Rayne mention him, and no doubt he was a member of the gang who had blundered and fallen into the hands of the police. Was it in connection with this incident that I had been sent to Italy to make inquiries?

I told Madame when alone what I had discovered, whereat she smiled.

“I expect you have discovered the truth,” she said. “We must let Rudolph know at once.”

To telegraph was impossible, therefore I sat down and wrote a long letter, and then I waited inactive but anxious for a reply.

It came at last. He expressed himself fully satisfied, but urged me to continue my investigations regarding the handsome wife of the Marchese.

“Be careful how you act,” he added. “If they suspected you of prying something disagreeable might happen to you.”