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 pleasure. There was no concealing the fact that he was intrigued.

"Van Roon at his best, sir," said S. Gedge Antiques.

"Ye-es," said the connoisseur—in the tone of the connoisseur. "One would be rather inclined to say so. If the question is not impertinent,"—Sir Arthur fixed a steady eye upon the face of deep cunning which confronted his—"may I ask where it came from?"

The old man was prepared for the question. His answer was pat. "I can't tell you that, sir," he said, in a tone of mystery.

Again Sir Arthur nodded. That, too, was the answer he had expected. In the pause which followed Sir Arthur returned to a loving re-examination of the picture; and then said S. Gedge Antiques in a voice gravely and quietly confidential: "Strictly between ourselves, sir, I may say that I have just turned down an offer of five thousand guineas."

"Oh—indeed!"

It was now the turn of the Old Crocodile to gaze into the impassive countenance of the famous connoisseur.