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 with masterful effect. "In my humble opinion," he said, "it's a very fair offer for the thing as it stands."

"You are thinking of your ten per cent. commission, my boy," said S. Gedge Antiques with a gleam of malice.

"Well, Meester Gedge," said M. Duponnet, "take it or leave it." And the French gentleman began to fold up his cheque book.

With a groan to rend a heart of stone, S. Gedge Antiques brought himself suddenly to accept the offer. Half suffocated by excitement, June watched M. Duponnet cross to the desk and proceed to write out a cheque for four thousand guineas. And as she did so her heart sank. She was quite sure that she was looking upon the picture for the last time.

In jumping to this conclusion, however, she had not made full allowance for the business capacity of Uncle Si. When M. Duponnet had filled in the cheque and handed it to him, the Old Crocodile scrutinised it very carefully indeed, and then he said: "Thank you, Mussewer Duponny. The bank closes at three. But to-morrow morning I'll take this round myself as soon as it opens. And if the manager says it's all right, you can have the picture whenever you like."

"Bien!" The Frenchman bowed politely. "Meanwhile, take good care of the picture. There are many thieves about." M. Duponnet laughed. "Mind you lock it up in a safe place."

"You can trust Mr. Gedge to do that, I think," said Louis Quinze-legs dryly.

"I hope so, I'm sure," said the old man with a frosty smile.