ing. And so are some of our most valuable
securities."

The Earl slowly looked from one partner to another. His face flushed,
almost as hotly as if he himself had been accused of theft.

"Oh, come!" he said. "Horbury, now, of all men! Come--come!--you don't
mean to tell me that Horbury's been playing games of that sort? There
must be some mistake."

"I shall be glad to be assured that I am making it," said Gabriel
coolly. "But it will be more to the purpose if your lordship will tell
us all about the deposit of these jewels. And--there's an important
matter which I must first mention. We have not the honour of reckoning
your lordship among our customers. Therefore, whatever you handed to
Horbury was handed to him privately--not to us."

Joseph Chestermarke nodded his head at that, and the Earl stirred a
little uneasily in his chair.

"Oh, well!" he said. "I--to tell you the truth, I didn't think about
that, Mr. Chestermarke. It's true I don't keep any account with
you--it's never seemed--er, necessary, you know. But, of course, I knew
Horbury so well--he's a member of our golf club and our archaeological
society--that----"

"Precisely," interrupted Gabriel, with a bow. "You came to Mr. Horbury
privately. Not to the firm."

"I came to him knowing that he was your manager, and a man to be
thoroughly trusted, and that he'd have safes and things in which he
could deposit valuables in perfect safety," answered the Earl. "I never
reflected for a moment on the niceties of the matter. I just explained
to him that I wanted those jewels taken care of, and handed them over.
That's all!"

"And--their precise nature?" asked Gabriel.

"And--their value?" added Joseph.

"As to their nature," replied the Earl, "there was my wife's coronet,
her diamond necklace, and the Ellersdeane butterfly, of which I suppose
all the world's heard--heirloom, you know. It's a thing that can be worn
in a lady's hair or as a pendant--diamonds, of course. As to their
value--well, I had them valued some years ago. They're worth about a
hundred thousand pounds."

Gabriel turned to his desk and began to arrange some papers on it, and
Neale, who was watching everything with close attention, saw that his
fingers trembled a little. He made no remark, and the silence was next
broken by Joseph Chestermarke's soft accents.

"Did Horbury give your lordship any receipt, or acknowledgment that he
had received these jewels on deposit?" he asked. "I mea