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his, and in them he read his answer. In a moment she was in his arms and he was crushing her to his heart.

For a breathless space she lay, a happy little smile on her lips, and then the moment passed. “Oh!” she cried, struggling to release herself, “what have I done? Let me go! I shouldn't have—”

“Darling,” he breathed triumphantly. “I'll never let you go as long as I live! You love me! What else matters?”

“No, no,” she cried again, her tears once more flowing. “I was wrong. I shouldn't have allowed you. It can never be.”

He laughed savagely.

“Never be?” he repeated. “Why, dear one, it is. I'd like to know the person or thing that could stop it now!”

“It can never be,” she repeated in a voice of despair. “You don't understand. There are obstacles.”

She argued. He scoffed first, then he pleaded. He demanded to be told the nature of the barrier, then he besought, but all to no purpose. She would say no more than that it could never be.

And then—suddenly the question of the syndicate flashed into his mind, and he sat, almost gasping with wonder as he realized that he had entirely forgotten it! He had forgotten this mysterious business which had occupied his thoughts to the exclusion of almost all else for the past two months! It seemed to him incredible. Yet so it was.

There surged over him a feeling of relief, so that once more he all but laughed. He turned to Madeleine.

“I know,” he cried triumphantly, “the obstacle. And it's just nothing at all. It's this syndicate business that your father has got mixed up in. Now tell me! Isn't that it?”

The effect of his words on the girl was instantaneous. She started and then sat quite still, while the color slowly drained from her face, leaving it bleached and deathlike. A look of fear and horror grew in her eyes, and her fingers clasped until the knuckles showed white.

“Oh!” she stammered brokenly, “what do you mean by that?”

Merriman tried once more to take her hand.

“Dear one,” he said caressingly, “don't let what I said distress you. We know the syndicate is carrying on something that—well, perhaps wouldn't bear too close investigation. But that has nothing to do with us. It won't affect our relations.”

The girl seemed transfixed with horror.

“We know?” she repeated dully. “Who are we?”

“Why, Hilliard; Hilliard and I. We found out quite by accident that there was something secret going on. We were both interested; Hilliard has a mania for puzzles, and besides he thought he might get some kudos if the business was illegal and he could bring it to light, while I knew that because of Mr. Coburn's connection with it the matter might affect you.”

“Yes?” She seemed hardly able to frame the syllable between her dry lips.

Merriman was profoundly unhappy. He felt it was out of the question for him to tell her anything but the exact truth. Whether she would consider he had acted improperly in spying on the syndicate he did not know, but even at the risk of destroying his own chance of happiness he could not deceive her.

“Dear one,” he said in a low tone, “don't think any worse of me than you can help, and I will tell you everything. You remember that first day that I was here, when you met me in the lane and we walked to the mill?”

She nodded.

“You may recall that a lorry had just arrived, and that I stopped and stared at it? Well, I had noticed that the number plate had been changed.”

“Ah,” she exclaimed, “I was afraid you had.”

“Yes, I saw it, though it conveyed nothing to me. But I was interested, and one night in London, just to make conversation in the club, I mentioned what I had seen. Hilliard was present, and he joined me on the way home and insisted on talking over the affair. As I said, he has a mania for puzzles, and the mystery appealed to him. He was going on that motorboat tour across France, and he suggested that I should join him and that we should call here on our way, so as to see if we could find the solution. Neither of us thought then, you understand, that there was anything wrong; he was merely interested. I didn't care about the mystery, but I confess I leaped at the idea of coming back in order to meet you again, and on the understanding that there was to be nothing in the nature of spying, I agreed to his proposal.”

Merriman paused, but the girl, whose eyes were fixed intently on his face, made no remark, and he continued:

“While we were here, Hilliard, who is very observant and clever, saw one or two little things which excited his suspicion, and without telling me, he slipped on board the Girondin and overheard a conversation between Mr. Coburn, Captain Beamish, Mr. Bulla, and Henri. He learned at once that something serious and illegal was in progress, but he did not learn what it was.”

“Then there was spying,” she declared accusingly.

“There was,” he admitted. “I can only say that under the circumstances he thought himself justified.”

“Go on,” she ordered shortly.

“We returned then to England, and were kept at our offices for about a week. But Hilliard felt that we could not drop the matter, as we should then become accomplices. Besides, he was interested. He proposed we should try to find out more about it. This time I agreed, but I would ask you, Madeleine, to believe me when I tell you my motive, and to judge me by it. He spoke of reporting what he had learned to the police, and if I hadn't agreed to help him he would have done so. I wanted at all costs to avoid that, because if there was going to be any trouble I wanted Mr. Coburn to be out of it first. Believe me or not, that was my only reason for agreeing.”

“I do believe you,” she said, “but finish what you have to tell me.”

“We learned from Lloyd's List that the Girondin put into Hull. We went there and at Ferriby, seven miles up-stream, we found the depot where she discharged the props. You don't know it?”

She shook her head.

“It's quite like this place; just a wharf and shed, with an enclosure between the river and the railway. We made all the inquiries and investigations we could think of, but we learned absolutely nothing. But that, unfortunately, is the worst of it. Hilliard is disgusted with our failure and appears determined to tell the police.”

“Oh!” cried the girl with an impatient gesture. “Why can't he let it alone? It's not his business.”

Merriman shrugged his shoulders.

“That's what he said at all events. I had the greatest difficulty in getting him to promise even to delay. But he has promised, and we have a month to make our plans. I came straight over to tell you, and to ask you to marry me at once and come away with me to England.”

“Oh, no, no, no!” she cried, putting up her hand as if to shield herself from the idea. “Besides, what about my father?”

“I've thought about him too,” Merriman returned. “We will tell him the whole thing, and he will be able to get out before the crash comes.”

For some moments she sat in silence; then she asked had Hilliard any idea of what was being done.

“He suggested brandy smuggling, but it was only a theory. There was nothing whatever to support it.”

“Brandy smuggling? Oh, if it only were!”

Merriman stared in amazement.

“It wouldn't be so bad as what I had feared,” the girl added, answering his look.

“And that was—? Do trust me, Madeleine.”

“I do trust you, and I will tell you all I know; it isn't much. I was afraid they were printing and circulating false money.”

Merriman was genuinely surprised.

“False money?” he repeated blankly.

“Yes; English Treasury notes. I thought they were perhaps printing them over here, and sending some to England with each trip of the Girondin. It was a remark I accidentally overheard that made me think so. But, like you, it was only a guess. I had no proof.”

“Tell me,” Merriman begged.

“It was last winter when the evenings closed in early. I had had a headache and I had gone to rest for a few minutes in the next room, the dining-room, which was in darkness. The door between it and this room was almost but not quite closed. I must have fallen asleep, for I suddenly became conscious of voices in here, though I had heard no one enter. I was going to call out when a phrase arrested my attention. I did not mean to listen, but involuntarily I stayed quiet for a moment. You understand?”

“Of course. It was the natural thing to do.”

“Captain Beamish was speaking. He was just finishing a sentence and I only caught the last few words. 'So that's a profit of six thousand, seven hundred and fifty pounds,' he said; 'fifty pounds loss on the props, and six thousand seven hundred netted over the other. Not bad for one trip!'”

“Lord!” Merriman exclaimed in amazement. “No wonder you stopped!”

“I couldn't understand what was meant, and while I sat undecided what to do I heard my father say, 'No trouble planting the stuff?' Captain Beamish answered, 'Archer said not, but then Archer is—Archer. He's planting it in small lots—ten here, twenty there, fifty in t'other place; I don't think he put out more than fifty at any one time. And he says he's only learning his way round, and that he'll be able to form better connections to get rid of it.' Then Mr. Bulla spoke, and this was what upset me so much and made me think, 'Mr. Archer is a wonderful man,' he said with that horrible fat chuckle of his, 'he would plant stuff on Old Nick himself with the whole of the C.I.D. looking on.' I was bewildered and rather horrified, and I did not wait to hear any more. I crept away noiselessly, and I didn't want to be found as it were listening. Even then I did not understand that anything was wrong, but it happened that the very next day I was walking through the forest near the lane, and I noticed Henri changing the numbers on the lorry. He didn't see me, and he had such a stealthy surreptitious air, that I couldn't but see it was not a joke. Putting two and two together I felt something serious was going on, and that night I asked my father what it was.”

“Well done!” Merriman exclaimed admiringly.

“But it was no use. He made little of it at first, but when I pressed him he said that against his will he had been forced into an enterprise which he hated and which he was trying to get out of. He said I must be patient and we should get away from it as quickly as possible. But since then,” she added despondently, “though I have returned to the subject time after time he has always put me off, saying that we must wait a little longer.”

“And then you thought of the false notes?”

“Yes, but I had no reason to do so except that I couldn't think of anything else that would fit the words I had overheard. Planting stuff by tens or twenties or fifties seemed to—”

There was a sudden noise in the hall and Madeleine broke off to listen.

“Father,” she whispered breathlessly. “Don't say anything.”

Merriman had just time to nod when the door opened and Mr. Coburn appeared on the threshold. For a moment he stood looking at his daughter's visitor, while the emotions of doubt, surprise and annoyance seemed to pass successively through his mind. Then he advanced with outstretched hand and a somewhat satirical smile on his lips.

“Ah, it is the good Merriman,” he exclaimed. “Welcome once more to our humble abode. And where is

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