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110 heavy losses, and it is possible that he might have been tempted to the act, knowing that the blame will be placed with my ex-associates."

"Or with yourself," growled Chu-Chu.

"Possibly," I muttered, looking dejectedly at the floor.

I glanced up in time to intercept a swift look which flashed between Chu-Chu and Ivan. Chu-Chu, I guessed, was furious at being balked of his prey, while Ivan was obviously relieved. The colour was coming back into his cheeks.

"As far as the first string is concerned, Mr. Clamart," said he, "I do not regret my act, in spite of M. de Maxeville's views on the matter. I feel that there was an obligation between us, and my act in returning the pearls showed my good faith. It was all Léontine's idea. As I told you, and as M. de Maxeville will tell you, I was opposed to it from the start. As to Mrs. Cuttynge's pearls, I am of precisely the same mind, and I give you my word that if I learn anything about the robbery I will do what I can to assist you." "Thank you," I said. "That is more than I could reasonably ask. And now, all I can do is to thank you both for your courtesy and apologise for having taken so much of your time."

I got up, slowly. Ivan's hand went to the drawer of the desk, and I guessed that he was slipping back his weapon. He touched a bell, and again I heard a rustle outside the door and guessed that the armed servant was going down to show me out. Ivan stepped out from behind his desk.

Chu-Chu also had risen and was standing across