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Rh spoke regretfully, drawing on his gloves; then as he got to the door he paused. "I'm afraid that my words will not have much effect," he remarked, 'but the episode last night did appeal to me. I would like to spare you—I would really. It's a sign of weakness, my young friend, which I view with amazement—but nevertheless, it is there. So be warned in time. Return my property to Berners Street, and leave England for a few months." His eyes seemed to burn into the soldier's brain. "You are meddling in affairs," he went on gently, "of the danger of which you have no conception. A fly in the gear-box of a motor-car would be a sounder proposition for a life insurance than you will be—if you continue on your present course."

There was something so incredibly menacing in the soft, quiet voice, that Drummond looked at the speaker fascinated. He had a sudden feeling that he must be dreaming—that in a moment or two he would wake up and find that they had really been talking about the weather the whole time. Then the cynical gleam of triumph in Peterson's eyes acted on him like a cold douche; quite clearly that gentleman had misinterpreted his silence.

"Your candour is as refreshing," he answered genially, "as your similes are apt. I shudder to think of that poor little fly, Mr. Peterson, especially with your chauffeur grinding his gears to pieces." He held open the door for his visitor, and followed him into the passage. At the other end stood Denny, ostentatiously dusting a book-shelf, and Peterson glanced at him casually. It was characteristic of