orged, of course) which has no doubt purported to come to
you from our house. Be pleased to look and see whether it is a
receipt entirely in manuscript, or whether it is a numbered and
printed form which merely requires the filling in of the amount. The
settlement of this apparently trivial question is, we assure you, a
matter of vital importance. Anxiously awaiting your reply, we remain,
with high esteem and consideration,

"DEFRESNIER & CIE."

Vendale had the letter on his desk, and waited a moment to steady his
mind under the shock that had fallen on it. At the time of all others
when it was most important to him to increase the value of his business,
that business was threatened with a loss of five hundred pounds. He
thought of Marguerite, as he took the key from his pocket and opened the
iron chamber in the wall in which the books and papers of the firm were
kept.

He was still in the chamber, searching for the forged receipt, when he
was startled by a voice speaking close behind him.

"A thousand pardons," said the voice; "I am afraid I disturb you."

He turned, and found himself face to face with Marguerite's guardian.

"I have called," pursued Obenreizer, "to know if I can be of any use.
Business of my own takes me away for some days to Manchester and
Liverpool. Can I combine any business of yours with it? I am entirely
at your disposal, in the character of commercial traveller for the firm
of Wilding and Co."

"Excuse me for one moment," said Vendale; "I will speak to you directly."
He turned round again, and continued his search among the papers. "You
come at a time when friendly offers are more than usually precious to
me," he resumed. "I have had very bad news this morning from Neuchatel."

"Bad news," exclaimed Obenreizer. "From Defresnier and Company?"

"Yes. A remittance we sent to them has been stolen. I am threatened
with a loss of five hundred pounds. What's that?"

Turning sharply, and looking into the room for the second time, Vendale
discovered his envelope case overthrown on the floor, and Obenreizer on
his knees picking up the contents.

"All my awkwardness," said Obenreizer. "This dreadful news of yours
startled me; I stepped back--" He became too deeply interested in
collecting the scattered envelopes to finish the sentence.

"Don't trouble yourself," said Vendale. "The clerk will pick the things
up."

"This dreadful news!" repeated Obenreizer,