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 by no means so clear as it might be, and in the absence of a pedigree M. Duponnet does not feel justified in paying a big price."

There was a pause while the old man indulged in a dramatic change of spectacles. And then he said rather sourly, in a tone that M. Duponnet could not fail to hear: "Pedigree or no pedigree, I shall have no difficulty in selling it. You know as well as I do, Mr. Thornton, that American buyers are in the market."

"Quite so, Mr. Gedge," said Mr. Thornton suavely. And then while Uncle Si glared at both gentlemen as if they had been caught with their hands in his pocket, they conferred again together. This time it was M. Duponnet who ended their discussion by saying: "Meester Gedge, name your figure!"

"Figure?" said Uncle Si dreamily; and then in his odd way he scratched his scrub of whisker with a thumbnail and rubbed a forefinger down his long and foxlike nose.

"Your price, Meester Gedge?"

"Mussewer!" said the old man solemnly, "I couldn't take less than five thousand pounds, I couldn't really."

June held her breath. For some little time past she had been convinced that the picture was valuable, but she was hardly prepared for this fabulous sum.

M. Duponnet shook his head. "Meester Gedge, if only we had its 'istory!"

"If we had its history, Mussewer, I should want at least twice the money. Even as it is I am taking a big chance. You know that as well as I do."

This seemed to be true. At all events, M. Duponnet and Mr. Thornton again talked earnestly together.