“Hulloa, 3.T.M.! This is 3.X.Q. answering. Thank you very much for the message from Barclay—I will keep the appointment to-morrow. 3.X.Q. switching off.”

Why did Barclay wish to see him so urgently? Perhaps the urgency had not occurred until the post-office had closed, hence he had been unable to send a telegram. And at the Rectory there was no telephone, save that splendidly equipped radio-phone.

Little did Roddy Homfray suspect that Mr Purcell Sandys was faced with ruin, that Elma knew of the impending disaster, and that there was a reason—a very clear and distinct reason—why she and her father were neither of them “at home” when he had called.

Black ruin had fallen upon the great financial house of Sandys and Hornton, a fact of which, though Roddy was in ignorance, Gordon Gray, alias Rex Rutherford, and his accomplices were well aware, and were about to turn to their own advantage.


Chapter Twenty Four.

Rutherford Makes a Proposition.

On that evening when Roddy was told that neither Mr Sandys nor Elma was at home both father and daughter were, as a matter of fact, seated together in the library. Mr Sandys had by that time been able to ascertain pretty nearly the extent of his firm’s liabilities, and was in complete despair.

Elma was kneeling beside her father with her arm lovingly around his neck, nobly trying to comfort him.