apperton with skillful fingers fixed a moustache
and side whiskers to his lean and mobile face. His daughter handed him a
soft hat and a Gladstone bag, and he was transformed before her eyes
into a commercial traveller.

CHAPTER V.

Raymond Bluetherski paced the deck of a Channel steamer, deeply absorbed
in the fateful despatches. Suddenly he turned smartly on his heels.

He was face to face with Capperton, disguised as a commercial traveller.

Accustomed to such emergencies his mind was made up in an instant.
Rolling the papers into a ball, he hurled them into the mouth of a large
ventilator which stood near.

Unhesitatingly the detective threw himself into the ventilator and
disappeared head first. With a cry of baffled rage Bluetherski followed.

CHAPTER VI.

In the bows of the same steamer stood Madge Capperton and Clement
Carmichael, gazing anxiously before them. Her fingers tightened on his
arm. Their faces took on an expression of horror and despair.

A huge liner was bearing directly down upon them!

CHAPTER VII.

In the treacherous waters of the English Channel the brilliant young
Foreign Secretary supported Madge Capperton with one arm, while with the
other he swam strongly towards the only floating object in view.

As they drew near he perceived that it was a large ship's ventilator. It
was sinking fast, and from its mouth protruded the heads of two men
engaged in a life-and-death struggle. They were Capperton and
Bluetherski.

With a cry of encouragement Carmichael redoubled his efforts.

CHAPTER VIII.

A ship's lifeboat, propelled by strong and willing arms, travelled
swiftly across the sea. Presently a shout went up from the man in the
bow. Four figures were seen struggling frantically in the water, and the
rowers bent themselves with renewed energy to their oars.

CHAPTER IX.

On board the liner which had been responsible both for the collision and
the rescue, Raymond Bluetherski, a sinister figure, was seen to leave his
cabin and disappear down the corridor. An instant later Carmichael and
Capperton entered stealthily. With quick cat-like movements the
detective pushed open the door and tip-toed into the cabin.

Carmichael waited outside in an attitude of intense watchfulness. As a
steward passed down the corridor he assumed a careless expression and
lit a cigarette with nonchalant elaboration.

Directly the steward had gone the watcher resumed his vigil, every nerve
on the alert