Mr. White, managing director of Punsonby's Store, was a man of simple tastes. He had a horror of extravagance and it was his boast that he had never ridden in a taxi-cab save as the guest of some other person who paid. He travelled by tube or omnibus from the Bayswater Road, where he lived what he described as his private life. He lunched in the staff dining-room, punctiliously paying his bill; he dined at home in solitary state, for he had neither chick nor child, heir or wife. Once an elder sister had lived with him and had died (according to the popularly accepted idea) of slow starvation, for he was a frugal man.

It seems the fate of apparently rich and frugal men that they either die and leave their hoardings to the State or else they disappear, leaving behind them monumental debts. The latter have apparently no vices; even the harassed accountant who disentangles their estates cannot discover the channel through which their hundreds of thousands have poured. The money has gone and, if astute detectives bring back the defaulter from the pleasant life which the Southern American cities offer to rich idlers, he is hopelessly vague as to the method by which it went.

Mr. Lassimus White was the managing director and general manager of Punsonby's. He held, or was supposed to hold, a third of the shares in that concern, shares which he had inherited from John Punsonby, his uncle, and the founder of the firm. He drew a princely salary and a substantial dividend, he was listed as a debenture holder and was accounted a rich man.

But Mr. White was not rich. His salary and his dividends were absorbed by a mysterious agency which called itself the Union Jack Investment and Mortgage Corporation, which paid premiums on Mr. White's heavy life insurance and collected the whole or nearly the whole of his income. His secret, well guarded as it was, need be no secret to the reader. Mr. White, who had never touched a playing-card in his life and who grew apoplectic at the sin and shame of playing the races, was an inveterate gambler. His passion was for Sunken Treasure Syndicates, formed to recover golden ingots from ships of the Spanish Armada; for companies that set forth to harness the horse-power of the sea to the services of commerce; for optimistic companies that discovered radium mines in the Ural Mountains--anything which promised a steady three hundred per cent. per annum on an initial investment had an irresistible attraction for Mr. White, who argued that some day something would really fulfil expectations and his losses would be recovered.

In the meantime he was in the hands of Moss Ibramovitch, trading as the Union Jack Investment and Mortgage Corporation, licensed and registered as a moneylender according to law. And being in the hands of this gentleman, was much less satisfactory and infinitely more expensive than being in the hands of the bankruptcy officials.

In the evening of the day Oliva Cresswell had started working for her new employer, Mr. White stalked forth from his gloomy house and his departure was watched by the two tough females who kept house for him, with every pleasure. He strutted eastward swinging his umbrella, his head well back, his eyes half-closed, his massive waistcoat curving regally. His silk hat was pushed back from his forehead and the pince-nez he carried, but so seldom wore, swung from the cord he held before him in that dead-mouse manner which important men affect.

He had often been mistaken for a Fellow of the Royal Society, so learned and detached was his bearing. Yet no speculation upon the origin of species or the function of the nebulae filled his mind.

At a moment of great stress and distraction, Dr. van Heerden had arisen above his horizon, and there was something in Dr. van Heerden's manner which inspired confidence and respect. They had met by accident at a meeting held to liquidate the Shining Strand Alluvial Gold Mining Company--a concern which had started forth in the happiest circumstances to extract the fabulous riches which had been discovered by an American philanthropist (he is now selling Real Estate by correspondence) on a Southern Pacific island.

Van Heerden was not a shareholder, but he was intensely interested in the kind of people who subscribe for shares in Dreamland Gold mines. Mr. White had attended incognito--his shares were held in the name of his lawyer, who was thinking seriously of building an annex to hold the unprofitable scrip.

Mr. White was gratified to discover a kindred soul who believed in this kind of speculation.

It was to the doctor's apartment that he was now walking. That gentleman met him in the entrance and accompanied him to his room. There was a light in the fanlight of Oliva's flat, for she had brought some of her work home to finish, but Mr. Beale's flat was dark.

This the doctor noted before he closed his own door, and switched on the light.

"Well, White, have you made up your mind?" he demanded without preliminary.

"I--ah--have and I--ah--have not," said the cautious adventurer. "Forty thousand is a lot of money--a fortune, one might say--yes, a fortune."

"Have you raised it?"

Mr. White sniffed his objection to this direct examination.

"My broker has very kindly realized the debentures--I am--ah--somewhat indebted to him, and it was necessary to secure his permission and--yes, I have the money at my bank."

He gazed benignly at the other, as one who conferred a favour by the mere bestowal of his confidences.

"First, doctor--forgive me if I am a little cautious; first I say, it is necessary that I should know a little more about your remarkable scheme, for remarkable I am sure it is."

The doctor poured out a whisky and soda and passed the glass to his visitor, who smilingly waved it aside.

"Wine is a mocker," he said, "nothing stronger than cider has ever passed my lips--pray do not be offended."

"And yet I seem to remember that you held shares in the Northern Saloon Trust," said the doctor, with a little curl of his bearded lips.

"That," said Mr. White hastily, "was a purely commercial--ah--affair. In business one must exploit even the--ah--sins and weaknesses of our fellows."

"As to my scheme," said the doctor, changing the subject, "I'm afraid I must ask you to invest in the dark. I can promise you that you will get your capital back a hundred times over. I realize that you have heard that sort of thing before, and that my suggestion has all the appearance of a confidence trick, except that I do not offer you even the substantial security of a gold brick. I may not use your money--I believe that I shall not. On the other hand, I may. If it is to be of any use to me it must be in my hands very soon--to-morrow."

He wandered restlessly about the room as he spoke, and jerked his sentences out now to Mr. White's face, now over his shoulder.

"I will tell you this," he went on, "my scheme within the narrow interpretation of the law is illegal--don't mistake me, there is no danger to those who invest in ignorance. I will bear the full burden of responsibility. You can come in or you can stay out, but if you come in I shall ask you never to mention the name of the enterprise to a living soul."

"The Green Rust Syndicate?" whispered Mr. White fearfully. "What--ah--is Green Rust?"

"I have offered the scheme to my--to a Government. But they are scared of touching it. Scared, by Jove!" He threw up his arms to the ceiling and his voice trembled with passion. "Germany scared! And there was a time when Europe cringed at the clank of the Prussian sword! When the lightest word of Potsdam set ministries trembling in Petrograd and London. You told me the other day you were a pacifist during the war and that you sympathized with Prussia in her humiliation. I am a Prussian, why should I deny it? I glory in the religion of might--I believe it were better that the old civilization were stamped into the mud of oblivion than that Prussian Kultur should be swept away by the licentious French, the mercenary English----"

"British," murmured Mr. White.

"And the dollar-hunting Yankees--but I'm making a fool of myself."

With an effort he regained his calm.

"The war's over and done with. As I say, I offered my Government my secret. They thought it good but could not help me. They were afraid that the League would come to learn they were supporting it. They'll help me in other ways--innocent ways. If this scheme goes through they will put the full resources of the State at my disposal."

Mr. White rose, groped for his hat and cleared his throat.

"Dr.--ah--van Heerden, you may be sure that I shall--ah--respect your confidence. With your very natural indignation I am in complete sympathy.

"But let us forget, ah--that you have spoken at all about the scheme in any detail--especially in so far as to its legality or otherwise. Let us forget, sir "--Mr. White thrust his hand into the bosom of his coat, an attitude he associated with the subtle rhetoric of statesmanship. "Let us forget all, save this, that you invite me to subscribe L40,000 to a syndicate for--ah--let us say model dwellings for the working classes, and that I am willing to subscribe, and in proof of my willingness will send you by the night's post a cheque for that amount. Good night, doctor."

He shook hands, pulled his hat down upon his head, opened the door and ran into the arms of a man whose hand was at that moment raised to press the electric bell-push by the side of the door.

Both started back.

"Excuse me," mumbled Mr. White, and hurried down the stairs.

Dr. van Heerden glared at the visitor, white with rage.

"Come in, you fool!" he hissed, and half-dragged the man into his room, "what made you leave Scotland?"

"Scotland I hate!" said the visitor huskily. "Sticking a fellow away in the wilds of the beastly mountains, eh? That's not playing the game, my cheery sportsman."

"When did you arrive?" asked van Heerden quickly.

"Seven p.m. Travelled third class! Me! Is it not the most absurd position for a man of my parts--third class, with foul and common people--I'd like to rip them all up--I would, by heavens!"

The doctor surveyed the coarse, drink-bloated face, the loose, weak mouth, half-smiled at the vanity of the dangling monocle and pointed to the decanter.

"You did wrong to come," he said, "I have arranged your passage to Canada next week."

"I'll not go!" said the man, tossing down a drink and wiping his lips with a not over-clean handkerchief. "Curse me, van Heerden, why should I hide and fly like a--a----"

"Like a man who escaped from Cayenne," suggested the doctor, "or like a man who is wanted by the police of three countries for crimes ranging from arson to wilful murder."

The man shuddered.

"All fair fights, my dear fellow," he said more mildly, "if I hadn't been a boastful, drunken sot, you wouldn't have heard of 'em--you wouldn't, curse you. I was mad! I had you in my hand like that!" He closed a not over-clean fist under van Heerden's nose. "I saw it all, all, I saw you bullying the poor devil, shaking some secret out of him, I saw you knife him----"

"Hush!" hissed van Heerden. "You fool--people can hear through these walls."

"But there are no windows to see through," leered the man, "and I _saw_! He came out of his death-trance to denounce you, by Jove! I heard him shout and I saw you run in and lay him down--lay him down! Lay him out is better! You killed him to shut his mouth, my bonnie doctor!"

Van Heerden's face was as white as a sheet, but the hand he raised to his lips was without a tremor.

"You were lucky to find me that night, dear lad," the man went on. "I was in a mind to split on you."

"You have no cause to regret my finding you, Jackson," said the doctor. "I suppose you still call yourself by that name?"

"Yes, Jackson," said the other promptly. "Jack--son, son of Jack. Fine name, eh--good enough for me and good enough for anybody else. Yes, you found me and done me well. I wish you hadn't. How I wish you hadn't."

"Ungrateful fool!" said van Heerden. "I probably saved your life--hid you in Eastbourne, took you to London, whilst the police were searching for you."

"For me!" snarled the other. "A low trick, by the Everlasting Virtues----!"

"Don't be an idiot--whose word would they have taken, yours or mine? Now let's talk--on Thursday next you sail for Quebec...."

He detailed his instructions at length and the man called Jackson, mellowed by repeated visits to the decanter, listened and even approved.

On the other side of the hallway, behind the closed door, Oliva Cresswell, her dining-table covered with papers and books, was working hard.

She was particularly anxious to show Mr. Beale a sample of her work in the morning and was making a fair copy of what she had described to him that afternoon as her "hotel list."

"They are such queer names," she said; "there is one called Scobbs of Red Horse Valley--Scobbs!"

He had laughed.

"Strangely enough, I know Mr. Scobbs, who is quite a personage in that part of the world. He owns a chain of hotels in Western Canada. You mustn't leave him out."

Even had she wished to, or even had the name been overlooked once, she could not have escaped it. For Jonas Scobbs was the proprietor of Scobbs' Hotel in Falling Star City; of the Bellevue in Snakefence, of the Palace Hotel in Portage.

After awhile it began to lose its novelty and she accepted the discovery of unsuspected properties of Mr. Scobbs as inevitable.

She filled in the last ruled sheet and blotted it, gathered the sheets together and fastened them with a clip.

She yawned as she rose and realized that her previous night's sleep had been fitful.

She wondered as she began to undress if she would dream of Scobbs or--no, she didn't want to dream of big-headed men with white faces, and the thought awoke a doubt in her mind. Had she bolted the door of the flat? She went along the passage in her stockinged feet, shot the bolts smoothly and was aware of voices outside. They came to her clearly through the ventilator above the fanlight.

She heard the doctor say something and then a voice which she had not heard before.

"Don't worry--I've a wonderful memory, by Jove!..."

The murmur of the doctor did not reach her, but----

"Yes, yes ... Scobbs' Hotel, Red Horse Valley ... know the place well ... good night, dear old thing...."

A door banged, an uncertain footstep died away in the well of the stairs below, and she was left to recover from her amazement.