not," Mr. Heseltine-Wrigge replied. "Kosuth wouldn't hear of
such a thing. If the papers got wind of it, there'd be the devil to pay.
All the same, I have got an assignment from the Turkish Government."

"Not worth the paper it's written on," Peter declared, blandly.

Mr. Heseltine-Wrigge rose unsteadily to his feet. He was a strong,
silent man, but there was a queer look about his mouth.

"What the devil do you mean?" he demanded.

"Briefly, this," Peter explained. "The first payment, when these ships
were laid down, was made not by Turkey but by an emissary of the German
Government, who arranged the whole affair in Constantinople. The second
payment was due ten months ago, and not a penny has been paid. Notice
was given to the late government twice and absolutely ignored. According
to the charter, therefore, these ships reverted to the shipbuilding
companies who retained possession of the first payment as indemnity
against loss. The Count von Hern's position was this. He represents the
German Government. You were to find a million and a half of money with
the ships as security. You also have a contract from the Count von Hern
to take those ships off your hands provided the interest on the loan
became overdue, a state of affairs which I can assure you would have
happened within the next twelve months. Practically, therefore, you were
made use of as an independent financier to provide the money with
which the Turkish Government, broadly speaking, have sold the ships to
Germany. You see, according to the charter of the shipbuilding company,
these vessels cannot be sold to any foreign government without the
consent of Downing Street. That is the reason why the affair had to be
conducted in such a roundabout manner."

"All this is beyond me," Mr. Heseltine-Wrigge said, hoarsely. "I don't
care a d-n who has the ships in the end so long as I get my money!"

"But you would not get your money," Peter pointed out, "because there
will be no ships. I have had the shrewdest lawyers in the world at
work upon the charter, and there is not the slightest doubt that these
vessels are, or rather were, the entire property of Messrs. Shepherd &
Hargreaves. To-day they belong to me. I have bought them and paid two
hundred thousand pounds deposit. I can show you the receipt and all the
papers."

Mr. Heseltine-Wrigge, said only one word, but that word was profane.

"I am sorry, of course, that you have lost the business," Peter
concl