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 and
Hargreaves. To-day they belong to me. I have bought them and paid
L200,000 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
concluded; "but surely it's better than losing your money?"

Mr. Heseltine-Wrigge struck the table fiercely with his fist. There was
a grey and unfamiliar look about his face.

"D----n it, the money's gone!" he declared hoarsely: "They changed the
day. Kosuth had to go back. I paid it twenty-four hours ago."

Peter whistled softly.

"If only you had trusted me a little more!" he murmured. "I tried to
warn you."

Mr. Heseltine-Wrigge snatched up his hat.

"They don't leave till the two-twenty," he shouted. "We'll catch them at
the Milan. If we don't, I'm ruined! By Heaven, I'm ruined!"

They found Major Kosuth in the hall of the hotel. He was wearing a fur
coat and otherwise attired for travelling. His luggage was already being
piled upon a cab. Mr. Heseltine-Wrigge wasted no words upon him.

"You and I have got to have a talk, right here and now," he declared.
"Where's the Count?"

Major Kosuth frowned gloomily.

"I do not understand you," he said shortly. "Our business is concluded,
and I am leaving by the two-twenty train."

"You are doing nothing of the sort," the American answered, standing
before him, grim and threatening.

The Turk showed no sign of terror. He gripped his silver-headed cane
firmly.

"I think," he said, "that there is no one here who will prevent me."

Peter, who saw a fra