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the hope of bluffing the bank manager out of the letter which they would believe he held. Merriman had invented this letter on the spur of the moment and he would have felt a good deal happier if he knew that it really existed. He decided that he would write to Hilliard immediately and get him to make it a reality.

A great deal, he thought, depended on the character of Coburn. If he was weak and cowardly he would try to save his own skin and let the others walk into the net. Particularly might he do this if he had suffered at their hands in the way he suggested. On the other hand, a strong man would undoubtedly consult his fellow-conspirators and see that a pretty determined fight was made for their liberty and their source of gain.

He had thought of all this when it suddenly flashed into his mind that Mr. Coburn's presence in the shed at two in the morning in itself required a lot of explanation. He did not for a moment believe the aspirin story. The man had looked so shifty while he was speaking, that even at the time Merriman had decided he was lying. What then could he have been doing?

He puzzled over the questions but without result. Then it occurred to him that as he was doing nothing that evening he might as well ride out again to the clearing and see if any nocturnal activities were undertaken.

Midnight therefore found him once more ensconced behind a group of shrubs in full view of both the house and the shed. It was again a perfect night, and again he lay dreaming of the girl who was so near in body and in spirit, and yet so infinitely far beyond his reach.

Time passed slowly, but the hours wore gradually round until his watch showed two o'clock. Then, just as he was thinking that he need hardly wait much longer, he was considerably thrilled to see Mr. Coburn once more appear at the side door of the house, and in the same stealthy, secretive way as on the previous night, walk hurriedly to the shed and let himself in by the office door.

At first Merriman thought of following him again in the hope of learning the nature of these strange proceedings, but a moment's thought showed him he must run no risk of discovery. If Coburn learned that he was being spied on he would at once doubt Merriman's statement that he knew the syndicate's secret. It would be better, therefore, to lie low and await events.

But the only other INTERESTING event that happened was that some fifteen minutes later the manager left the shed, and with the same show of secrecy returned to his house, disappearing into the side door.

So intrigued was Merriman by the whole business that he determined to repeat his visit the following night also. He did so, and once again witnessed Mr. Coburn's stealthy walk to the shed at two a.m., and his equally stealthy return at two-fifteen.

Rack his brains as he would over the problem of these nocturnal visits, Merriman could think of no explanation. What for three consecutive nights could bring the manager down to the sawmill? He could not imagine, but he was clear it was not the pit-prop industry.

If the Girondin had been in he would have once more suspected smuggling, but she was then at Ferriby. No, it certainly did not work in with smuggling. Still less did it suggest false note printing, unlessβ€”Merriman's heart beat more quickly as a new idea entered his mind. Suppose the notes were printed there, at the mill! Suppose there was a cellar under the engine house, and suppose the work was done at night? It was true they had not seen signs of a cellar, but if this surmise was correct it was not likely they would.

At first sight this theory seemed a real advance, but a little further thought showed it had serious objections. Firstly, it did not explain Coburn's nightly visits. If the manager had spent some hours in the works it might have indicated the working of a press, but what in that way could be done in fifteen minutes? Further, and this seemed to put the idea quite out of court, if the notes were being produced at the clearing, why the changing of the lorry numbers? That would then be a part of the business quite unconnected with the illicit traffic. After much thought, Merriman had to admit to himself that here was one more of the series of insoluble puzzles with which they found themselves faced.

The next night was Friday, and in accordance with the arrangement made with Mr. Coburn, Merriman once again went out to the clearing, presenting himself at the works door at two in the morning. Mr. Coburn at once opened to his knock, and after locking the door, led the way to his office. There he wasted no time in preliminaries.

β€œI've thought this over, Merriman,” he said, and his manner was very different from that of the previous interview, β€œand I'm bound to say that I've realized that, though interested, your action towards me has been correct not to say generous. Now I've made up my mind what to do, and I trust you will see your way to fall in with my ideas. There is a meeting of the syndicate on Thursday week. I should have been present in any case, and I have decided that, whatever may be the result, I will tell them I am going to break with them. I will give ill-health as my reason for this step, and fortunately or unfortunately I can do this with truth, as my heart is seriously diseased. I can easily provide the necessary doctor's certificates. If they accept my resignation, well and goodβ€”I will emigrate to my brother in South America, and you and Madeleine can be married. If they decline, well”—Mr. Coburn shrugged his shouldersβ€”β€œyour embarrassment will be otherwise removed.”

He paused. Merriman would have spoken, but Mr. Coburn held up his hand for silence and went on:

β€œI confess I have been terribly upset for the last three days to discover my wisest course, and even now I am far from certain that my decision is best. I do not want to go back on my former friends, and on account of Madeleine I cannot go back on you. Therefore, I cannot warn the others of their danger, but on the other hand I won't give your life into their hands. For if they knew what I know now, you and Hilliard would be dead men inside twenty-four hours.”

Mr. Coburn spoke simply and with a certain dignity, and Merriman found himself disposed not only to believe what he had heard, but even to understand and sympathize with the man in the embarrassing circumstances in which he found himself. That his difficulties were of his own making there could be but little doubt, but how far he had put himself in the power of his associates through deliberate evil-doing, and how far through mistakes or weakness, there was of course no way of learning.

At the end of an hour's discussion, Mr. Coburn had agreed at all costs to sever his connection with the syndicate, to emigrate to his brother in Chile, and to do his utmost to induce his daughter to remain in England to marry Merriman. On his side, Merriman undertook to hold back the lodging of information at Scotland Yard for one more week, to enable the other's arrangements to be carried out.

There being nothing to keep him in Bordeaux, Merriman left for London that day, and the next evening he was closeted with Hilliard in the latter's rooms, discussing the affair. Hilliard at first was most unwilling to postpone their visit to the Yard but he agreed on Merriman's explaining that he had pledged himself to the delay.

So the days, for Merriman heavily weighted with anxiety and suspense, began slowly to drag by. His fate and the fate of the girl he loved hung in the balance, and not the least irksome feature of his position was his own utter impotence. There was nothing that he could doβ€”no action which would take him out of himself and ease the tension of his thoughts. As day succeeded day and the silence remained unbroken, he became more and more upset. At the end of a week he was almost beside himself with worry and chagrin, so much so that he gave up attending his office altogether, and was only restrained from rushing back to Bordeaux by the knowledge that to force himself once more on Madeleine might be to destroy, once and for ever, any hopes he might otherwise have had.

It was now four days since the Thursday on which Mr. Coburn had stated that the meeting of the syndicate was to have been held, and only three days to the date on which the friends had agreed to tell their story at Scotland Yard. What if he received no news during those three days? Would Hilliard agree to a further postponement? He feared not, and he was racked with anxiety as to whether he should cross that day to France and seek another interview with Mr. Coburn.

But, even as he sat with the morning paper in his hand, news was nearer than he imagined. Listlessly he turned over the sheets, glancing with but scant attention to the headlines, automatically running his eyes over the paragraphs. And when he came to one headed β€œMystery of a Taxi-cab,” he absent-mindedly began to read it also.

But he had not gone very far when his manner changed. Starting to his feet, he stared at the column with horror-stricken eyes, while his face grew pallid and his pipe dropped to the floor from his open mouth. With the newspaper still tightly grasped in his hand, he ran three steps at a time down the stairs of his flat, and calling a taxi, was driven to Scotland Yard.





PART TWO. THE PROFESSIONALS





CHAPTER 12. MURDER!

Almost exactly fifteen hours before Merriman's call at Scotland Yard, to wit, about eight o'clock on the previous evening, Inspector Willis of the Criminal Investigation Department was smoking in the sitting-room of his tiny house in Brixton. George Willis was a tall, somewhat burly man of five-and-forty, with heavy, clean-shaven, expressionless features which would have made his face almost stupid, had it not been redeemed by a pair of the keenest of blue eyes. He was what is commonly known as a safe man, not exactly brilliant, but plodding and tenacious to an extraordinary degree. His forte was slight clues, and he possessed that infinite capacity for taking pains which made his following up of them approximate to genius. In short, though a trifle slow, he was already looked on as one of the most efficient and reliable inspectors of the Yard.

He had had a heavy day, and it was with a sigh of relief that he picked up the evening paper and stretched himself luxuriously in his easy-chair. But he was not destined to enjoy a long rest. Hardly had he settled himself to his satisfaction when the telephone bell rang. He was wanted back at the Yard immediately.

He swore under his breath, then, calling the news to his wife, he slipped on his waterproof and left the house. The long spell of fine weather had at last broken, and the evening was unpleasant, indeed unusually inclement for mid-September. All day the wind had been gusty and boisterous, and now a fine drizzle of rain had set in, which was driven in sheets against the grimy buildings and whirled in eddies round the street corners. Willis walked quickly along the shining pavements, and in a few minutes reached his destination. His chief was waiting for him.

β€œAh, Willis,” the great man greeted him, β€œI'm glad

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