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uncomfortable. "But there's one other thing," Dorrington pursued, taking out his pocket-book, though still maintaining his leer in Mallows's face—"one other thing. And by the way, will you have another piece of court plaster now I've got it out? Don't say no. It's a pleasure to oblige you, really." And Dorrington, his leer growing positively fiendish, tapped the side of his nose with the case of court plaster.

"TAPPED THE SIDE OF HIS NOSE WITH THE CASE."

Mallows paled under the paint, gasped, and felt for support. Dorrington laughed pleasantly. "Come, come," he said, "don't be frightened. I admire your cleverness, Mr. Mallows, and I shall arrange everything pleasantly, as you will see. And as to the court plaster, if you'd rather not have it you needn't. You have another piece on now, I see. Why didn't you get them to paint it over at Clarkson's? They really did the face very well, though! And there again you were quite right. Such a man as yourself was likely to be recognised in such a place as Birmingham, and that would have been unfortunate for both of us—both of us, I assure you.... Man alive, don't look as though I was going to cut your throat! I'm not, I assure you. You're a smart man of business, and I happen to have spotted a little operation of yours, that's all. I shall arrange easy terms for you.... Pull yourself together and talk business before the men come back. Here, sit on this bench."

Mallows, staring amazedly in Dorrington's face, suffered himself to be led to a bench, and sat on it.

"Now," said Dorrington, "the first thing is a little matter of a hundred pounds. That was the reward you promised if I should discover who broke Gillett's arm last night. Well, I have. Do you happen to have any notes with you? If not, make it a cheque."

"But—but—how—I mean who—who——"

"Tut, tut! Don't waste time, Mr. Mallows. Who? Why, yourself, of course. I knew all about it before I left you last night, though it wasn't quite convenient to claim the reward then, for reasons you'll understand presently. Come, that little hundred!"

"But what—what proof have you? I'm not to be bounced like this, you know." Mr. Mallows was gathering his faculties again.

"Proof? Why, man alive, be reasonable! Suppose I have none—none at all? What difference does that make? Am I to walk out and tell your fellow directors where I have met you—here—or am I to have that hundred? More, am I to publish abroad that Mr. Paul Mallows is the moving spirit in the rotten 'Avalanche Bicycle Company'?"

"Well," Mallows answered reluctantly, "if you put it like that——"

"But I only put it like that to make you see things reasonably. As a matter of fact your connection with this new company is enough to bring your little performance with the iron chair pretty near proof. But I got at it from the other side. See here—you're much too clumsy with your fingers, Mr. Mallows. First you go and tear the tip of your middle finger opening your brougham door, and have to get court plaster from me. Then you let that court plaster get frayed at the edge, and you still keep it on. After that you execute your very successful chair operation. When the eyes of the others are following the bicycles you take the chair in the hand with the plaster on it, catching hold of it at the place where a rough, loose, square nut protrudes, and you pitch it on to the track so clumsily and nervously that the nut carries away the frayed thread of the court plaster with it. Here it is, you see, still in my pocket-book, where I put it last night by the light of the lantern; just a sticky black silk thread, that's all. I've only brought it to show you I'm playing a fair game with you. Of course I might easily have got a witness before I took the thread off the nut, if I had thought you were likely to fight the matter. But I knew you were not. You can't fight, you know, with this bogus company business known to me. So that I am only showing you this thread as an act of grace, to prove that I have stumped you with perfect fairness. And now the hundred. Here's a fountain pen, if you want one."

"Well," said Mallows glumly, "I suppose I must, then." He took the pen and wrote the cheque. Dorrington blotted it on the pad of his pocket-book and folded it away.

"So much for that!" he said. "That's just a little preliminary, you understand. We've done these little things just as a guarantee of good faith—not necessarily for publication, though you must remember that as yet there's nothing to prevent it. I've done you a turn by finding out who upset those bicycles, as you so ardently wished me to do last night, and you've loyally fulfilled your part of the contract by paying the promised reward—though I must say that you haven't paid with all the delight and pleasure you spoke of at the time. But I'll forgive you that, and now that the little hors d'œuvre is disposed of, we'll proceed to serious business."

Mallows looked uncomfortably glum.

"But you mustn't look so ashamed of yourself, you know," Dorrington said, purposely misinterpreting his glumness. "It's all business. You were disposed for a little side flutter, so to speak—a little speculation outside your regular business. Well, you mustn't be ashamed of that."

"No," Mallows observed, assuming something of his ordinarily ponderous manner; "no, of course not. It's a little speculative deal. Everybody does it, and there's a deal of money going."

"Precisely. And since everybody does it, and there is so much money going, you are only making your share."

"Of course." Mr. Mallows was almost pompous by now.

"Of course." Dorrington coughed slightly. "Well now, do you know, I am exactly the same sort of man as yourself—if you don't mind the comparison. I am disposed for a little side flutter, so to speak—a little speculation outside my regular business. I also am not ashamed of it. And since everybody does it, and there is so much money going—why, I am thinking of making my share. So we are evidently a pair, and naturally intended for each other!"

Mr. Paul Mallows here looked a little doubtful.

"See here, now," Dorrington proceeded. "I have lately taken it into my head to operate a little on the cycle share market. That was why I came round myself about that little spoke affair, instead of sending an assistant. I wanted to know somebody who understood the cycle trade, from whom I might get tips. You see I'm perfectly frank with you. Well, I have succeeded uncommonly well. And I want you to understand that I have gone every step of the way by fair work. I took nothing for granted, and I played the game fairly. When you asked me (as you had anxious reason to ask) if I had found anything, I told you there was nothing very big—and see what a little thing the thread was! Before I came away from the pavilion I made sure that you were really the only man there with black court plaster on his fingers. I had noticed the hands of every man but two, and I made an excuse of borrowing something to see those. I saw your thin pretence of suspecting the betting men, and I played up to it. I have had a telegraphic report on your Exeter works this morning—a deserted cloth mills with nothing on it of yours but a signboard, and only a deposit of rent paid. There they referred to the works here. Here they referred to the works there. It was very clever, really! Also I have had a telegraphic report of your make-up adventure this morning. Clarkson does it marvellously, doesn't he? And, by the way, that telegram bringing you down to Birmingham was not from your confederate here, as perhaps you fancied. It was from me. Thanks for coming so promptly. I managed to get a quiet look round here just before you arrived, and on the whole the conclusion I come to as to the 'Avalanche Bicycle and Tyre Company, Limited,' is this: A clever man, whom it gives me great pleasure to know," with a bow to Mallows, "conceives the notion of offering the public the very rottenest cycle company ever planned, and all without appearing in it himself. He finds what little capital is required; his two or three confederates help to make up a board of directors, with one or two titled guinea-pigs, who know nothing of the company and care nothing, and the rest's easy. A professional racing man is employed to win races and make records, on machines which have been specially made by another firm (perhaps it was the 'Indestructible,' who knows?) to a private order, and afterwards decorated with the name and style of the bogus company on a transfer. For ordinary sale, bicycles of the 'trade' description are bought—so much a hundred from the factors, and put your own name on 'em. They come cheap, and they sell at a good price—the profit pays all expenses and perhaps a bit over; and by the time they all break down the company will be successfully floated, the money—the capital—will be divided, the moving spirit and his confederates will have disappeared, and the guinea-pigs will be left to stand the racket—if there is a racket. And the moving spirit will remain unsuspected, a man of account in the trade all the time! Admirable! All the work to be done at the 'works' is the sticking on of labels and a bit of enamelling. Excellent, all round! Isn't that about the size of your operations?"

"Well, yes," Mallows answered, a little reluctantly, but with something of modest pride in his manner, "that was the notion, since you speak so plainly."

"And it shall be the notion. All—everything—shall be as you have planned it, with one exception, which is this. The moving spirit shall divide his plunder with me."

"You? But—but—why, I gave you a hundred just now!"

"Dear, dear! Why will you harp so much on that vulgar little hundred? That's settled and done with. That's our little personal bargain in the matter of the lamentable accident with the chair. We are now talking of bigger business—not hundreds, but thousands, and not one of them, but a lot. Come now, a mind like yours should be wide enough to admit of a broad and large view of things. If I refrain from exposing this charming scheme of yours I shall be promoting a piece of scandalous robbery. Very well then, I want my promotion money, in the regular way. Can I shut my eyes and allow a piece of iniquity like this to go on unchecked, without getting anything by way of damages for myself? Perish the thought! When all expenses are paid, and the confederates are sent off with as little as they will take, you and I will divide fairly, Mr. Mallows, respectable brothers in rascality. Mind, I might say we'd divide to begin with, and leave you to pay expenses, but I am always fair to a partner in anything of this sort. I shall just want a little guarantee, you know—it's safest in such matters as these; say a bill at six months for ten thousand pounds—which is very low. When a satisfactory division is made you shall have the bill back. Come—I have a bill-stamp ready, being so much convinced of your reasonableness as to buy it this morning, though it cost five pounds."

"But that's nonsense—you're trying to impose. I'll give you anything reasonable—half is out of the question. What, after all the trouble and worry and risk that I've had——"

"Which would suffice for no more than to put you in gaol if I held up my finger!"

"But hang it, be reasonable! You're a mighty clever man, and you've got me on the hip, as I admit. Say ten per cent."

"You're wasting time, and presently the men will be back. Your choice is between making half, or making none, and going to gaol into the bargain. Choose!"

"But just consider——"

"Choose!"

Mallows looked despairingly about him. "But really," he said, "I want the money more than you think. I——"

"For the last time—choose!"

Mallows's despairing gaze stopped at the enamelling oven. "Well, well," he said, "if I must, I must, I suppose. But I warn you, you may regret it."

"Oh dear no, I'm not so pessimistic. Come, you wrote a cheque—now I'll write the bill. 'Six months after date, pay to me or my order the sum of ten thousand pounds for value received'—excellent value too, I think. There you are!"

When the bill was written and signed, Mallows scribbled his acceptance with more readiness than might have

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