mplices, of Ferdinando Morosini, the
notorious jewel-thief who was caught in Milan six months ago and sent
to fifteen years at Gorgona."

At the mention of jewel theft I at once pricked up my ears.

"Then Hauser may be a receiver of stolen jewels, eh?" I whispered.

"I would not like to say that, m'sieur, but depend upon it he is a
person to be gravely suspected. What business he has with the banker I
cannot imagine."

I knew Morosini by repute. I had heard Rayne mention him, and no doubt
he was a member of the gang who had blundered and fallen into the
hands of the police. Was it in connection with this incident that I
had been sent to Italy to make inquiries?

I told Madame when alone what I had discovered, whereat she smiled.

"I expect you have discovered the truth," she said. "We must let
Rudolph know at once."

To telegraph was impossible, therefore I sat down and wrote a long
letter, and then I waited inactive but anxious for a reply.

It came at last. He expressed himself fully satisfied, but urged me to
continue my investigations regarding the handsome wife of the
Marchese.

"Be careful how you act," he added. "If they suspected you of prying
something disagreeable might happen to you."

I was not surprised at his warning, for I knew the character of some
of the international crooks who were Rayne's "friends."

But surely the banker Zuccari could not be a crook? If he were, then
he was a master-criminal like Rayne himself. If so, what was the
motive of his close association with the Marchesa Romanelli? I had
noticed when at the palazzo that he seemed infatuated with her, yet
she no doubt little dreamed of his active association with such a
person as Hauser.

It seemed quite plain that whatever the truth the Admiral had no
suspicion of his wife.

Zuccari and Hauser still remained in Zurich, so, though I had arranged
with Madame and Lola to return with them to Naples, I sent them back
alone and remained to watch.

On the night of their departure I was tired and must have slept
soundly after a heavy day, when I was suddenly awakened by a strong
light flashed into my face, and at the same instant I saw a hand
holding a silken cord which had been slowly slipped beneath my ear as
I lay upon the pillow.

For a second I held my breath, but next moment I realized that I was
being attacked, and that the cord being already round my neck with a
slip-knot, those sinewy hands I had seen in the flash of li