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Rh think the first time we met was when Punsonby's was burgled in '93."

"It's a long time," said McNorton; "but don't let us get off the subject of your investment, which interests me as a friend. You gave Doctor van Heerden all this money without even troubling to discover whether his enterprise was a legal one. I am not suggesting it was illegal," he said, as White opened his mouth to protest, "but it seems strange that you did not trouble to inquire."

"Oh, of course, I inquired, naturally I inquired, Mr. McNorton," said White eagerly, "it was for some chemical process and I know nothing about chemistry. I don't mind admitting to you," he lowered his voice, though there was no necessity, "that I regret my investment very much. We business men have many calls. We cannot allow our money to be tied up for too long a time, and it happens—ah—that just at this moment I should be very glad, very glad indeed, to liquidate that investment."

McNorton nodded. He knew a great deal more about White's financial embarrassments than that gentleman gave him credit for. He knew, for example, that the immaculate managing director of Punsonby's was in the hands of moneylenders, and that those moneylenders were squeezing him. He suspected that all was not well with Punsonby's. There had been curious rumours in the City amongst the bill discounters that Punsonby's "paper" left much to be desired.

"Do you know the nationality of van Heerden?" he asked.

"Dutch," replied Mr. White promptly.

"Are you sure of this?"

"I would stake my life on it," answered the heroic Mr. White.

"As I came through to your office I saw a young lady at the cashier's desk—Miss Glaum, I think her name is. Is she Dutch, too?"

"Miss Glaum—ah—well Miss Glaum." White hesitated. "A very nice, industrious girl, and a friend of Doctor van Heerden's. As a matter of fact, I engaged her