“Well, how does our business go?”

“That’s the reason I wanted to see you to-night,” was his companion’s reply with just a slight French accent. “I had some news from Constantinople to-day—confidential news from the Palace,” he added in an undertone, bending across the table. “I want you to read it and give your opinion.” And producing an envelope and letter on thin paper closely written in French, he handed it across to Barclay, as he added: “Now what is written there is the bed-rock fact, I know from independent inquiries I have made in an entirely different quarter.”

Between mouthfuls of the perfectly-cooked filet de sole placed before him Max read the letter carefully. It was signed “your devoted friend Osman,” and was evidently from a Turkish official at the Yildiz Kiosk. Briefly, it was to the effect that the iradé of the Sultan for the construction of the railway from Nisch in Servia to San Giovanni di Medua, on the Adriatic, was in the hands of Muhil Pasha, one of his Majesty’s most intimate officials, and had been granted to him for services rendered in the Asiatic provinces.

Muhil had offered to part with it for twelve thousand pounds sterling, and that the agent of a French Company had arrived in Constantinople in order to treat with him. Muhil, however, had no love for the French, since he was Ottoman Ambassador in Paris a few years ago, and got into disgrace there, hence he would be much more ready to sell to an English syndicate.

The letter of Osman concluded by urging Adam to send instructions at once to a certain box at the British post-office in Constantinople, and to if possible secure the valuable document which would enable a line of railway to be built which would pay its shareholders enormously.

“Well,” exclaimed Max, as he replaced the letter in its envelope, noting the surcharge in black—“1 piastre”—upon the blue English stamp. “What shall you do?”

“Do? Why we must get the twelve thousand, of course. It’s a mere bagatelle compared with the magnitude of the business. I’ve got some reports in my overcoat pocket which I’ll show you after supper. We must get the thing through, my dear Barclay. There’s a big fortune in it for both of us—a huge fortune. Why, for the past ten years every diplomat at the Sublime Porte has been at work to get it through, but has been unsuccessful. The Sultan has always refused to let the line run through Turkish territory, fearing lest it should be used for military transport in the event of another war. His Majesty is not particularly partial to Austria, Servia, or Bulgaria, you know,” he laughed.

“And hardly surprising, in view of past events, eh?” exclaimed Max, entirely ignorant of the real character of this man, who seemed a smart man of business combined with a genial companion. Adam was a past-master in the art of fraud. He did not press the point, but merely went on with his supper, swallowed a glass of champagne, and turned the conversation by admiring the graceful carriage of the head of a girl sitting near with a wreath of forget-me-nots across her fluffy fair hair.

“Yes,” replied Max. “The poise of her head is full of grace, but—well, her face is like the carved handle of an umbrella!” Whereat his companion laughed heartily. Barclay was full of quaint expressions, and of a quiet but biting sarcasm. Some of his bons mots had been repeated from month to mouth in the clubs until they became almost popular sayings. He was now in love entirely and devotedly with Marion, and no other woman of the thousand who passed before his eyes and smiled into his face had the least attraction for him.

A moment later a pretty girl in pink, the Honourable Eva Townley, who was at supper with her mother and same friends, bowed to him and laughed, while another woman, the rather go-ahead wife of a leader at the Chancery Bar, waved a menu at him.