Meanwhile, Walter Lance had lost no time in reaching the studio. It did not need any elaborate explanation on the part of Maria Delahay for him to know that, in some way, the danger came from the man whom he knew as Valdo. Walter did not doubt that this was not the first time that the Corsican had visited the studio, though, as yet, he was utterly unable to grasp how it was that the attempt had been so successful.

There was danger here, and Walter knew it perfectly well, but he was too filled with indignation to think of anything else. So far as he could see, nothing had as yet taken place. The studio was absolutely empty, and the full blaze of the electric lights disclosed no danger.

Watching eyes were probably not far off, and it behooved Walter to be circumspect. He whistled an air. He strolled from place to place, ever and again glancing upwards to the roof. He felt quite convinced that it was the roof from which danger threatened, but there was nothing to be seen, no sign of movement in the branches of the acacia.

Still, the miscreant must be near at hand. He might even be watching the solitary occupant of the studio at that moment. Walter made up his mind what to do. He switched off all the lights and shut the door of the studio, at the same time affecting to turn the key in the lock. If Valdo were hiding close at hand, he would take this for an indication that the studio was locked and closed for the night.

This being done, Walter crept back again and took up a position at the foot of an acacia. If Valdo entered the studio at all he was bound to come that way. Doubtless he had made his way over the roof, and presently it would be an easy matter to flutter from the dome on to the top of the acacia. Such a plan as this would present no difficulties to the flying man. Therefore, Walter braced himself for the effort which would be required of him presently.

He had not much doubt as to the issue. From the point of physical strength he was a match and more than a match for the Italian. There was just the chance that the latter might make use of his knife, but that had to be risked. A quarter of an hour passed slowly, and Walter was beginning to get impatient. What he most feared now was that Lord Ravenspur might return and demand to know why the studio was in darkness. This would probably have the effect of scaring Valdo away, and Walter would have all his trouble for his pains.

The minutes passed along, and no one came; but at length Walter\'s patience was rewarded. He heard a slight swish and sway in the branches of the acacia overhead. He could hear deep and regular breathing coming nearer and nearer to him. Then, presently, in the darkness, he discerned the lithe figure of the Italian. A moment later, and the intruder was caught below the elbows in a grip that made him fairly grunt again. He struggled just for a moment, but the steady grip seemed to crush the life out of him, and he desisted. Walter bore him back until his left hand shot out, and the whole studio was bathed in flame once more. Before Valdo could realise what had really happened, Walter\'s hands were all over him in a search for weapons. Nothing more dangerous come to light than a small sheath-knife, which Walter swept into his pocket. He was quite calm and self-possessed now. He coolly indicated a chair, into which Valdo flung himself sullenly.

"Now I should like to have a little conversation with you," he said. "You will recollect that we have met before."

"I have not forgotten the fact," Luigi Silva said sullenly. "It was at the Imperial Palace Theatre."

"Quite correct," Walter said. "I came to see that remarkable performance of yours. I was very much interested, and I must congratulate you warmly. At the same time, it seems to me that yours is a dangerous kind of entertainment."

A contemptuous smile flickered over Silva\'s face. "There is no danger whatever," he murmured; "anybody could do it if they had arms like mine."

"I am afraid you don\'t quite take my meaning," Walter murmured. "There are some cigarettes by your elbow. You had better help yourself, especially as I am likely to detain you some time."

With a defiant air the Italian took and lighted a cigarette. He did not appear in the least unnerved, though the furtive glances which he occasionally turned in the direction of his captor showed that his mind was not altogether at ease. He would have given much to know what Lance was driving at. He did not like to see the other quite so sure of his ground.

"My time is my own," he said. "Go on."

"Oh, I beg your pardon, your time is mine. But I dare say you will wonder why I am detaining you like this. To tell you the truth, since your last visit here----"

"That is not tru............