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inquest, showed that the Girondin would not be back at Ferriby for eight days. There had been no object, therefore, in his leaving London immediately, and instead he had busied himself by trying to follow up the deceased’s movements in the metropolis, and learn with whom he had associated during his stay. In his search for clues he had even taken the hint from Merriman’s newspaper and bought a copy of The Mystery of a Hansom Cab, but though he saw that this clever story might easily have inspired the crime, he could find from it no help towards its solution.

He had also paid a flying visit to the manager of the Hopwood Manufacturing Company in Sheffield, where Coburn had been employed. From him he had learned that Madeleine’s surmise was correct, and that there had been “friction” before her father left. In point of fact a surprise audit had revealed discrepancies in the accounts. Some money was missing, and what was suspiciously like an attempt to falsify the books had taken place. But the thing could not be proved. Mr. Coburn had paid up, but though his plea that he had made a genuine clerical error had been accepted, his place had been filled. The manager expressed the private opinion that there was no doubt of his subordinate’s guilt, saying also that it was well known that during the previous months Coburn had been losing money heavily through gambling. Where he had obtained the money to meet the deficit the manager did not know, but he believed someone must have come forward to assist him.

This information interested Willis keenly, supporting, as it seemed to do, his idea that Coburn was in the power of the syndicate or one of its members. If, for example, one of these men, on the lookout for helpers in his conspiracy, had learned of the cashier’s predicaments it was conceivable that he might have obtained his hold by advancing the money needed to square the matter in return for a signed confession of guilt. This was of course the merest guesswork, but it at least indicated to Willis a fresh line of inquiry in case his present investigation failed.

And with the latter he was becoming exceedingly disappointed. With the exception of the facts just mentioned, he had learned absolutely nothing to help him. Mr. Coburn might as well have vanished into thin air when he left the Peveril Hotel, for all the trace he had left. Willis could learn neither where he went nor whom he met on any one of the four days he had spent in London. He congratulated himself, therefore, that on the following day the Girondin would be back at Ferriby, and he would then be able to start work on the fingerprint clue.

That evening he settled himself with his pipe to think over once more the facts he had already learned. As time passed he found himself approaching more and more to the conclusion reached by Hilliard and Merriman several weeks before⁠—that the secret of the syndicate was the essential feature of the case. What were these people doing? That was the question which at all costs he must answer.

His mind reverted to the two theories already in the field. At first sight that of brandy smuggling seemed tenable enough, and he turned his attention to the steps by which the two young men had tried to test it. At the loading end their observations were admittedly worthless, but at Ferriby they seemed to have made a satisfactory investigation. Unless they had unknowingly fallen asleep in the barrel, it was hard to see how they could have failed to observe contraband being set ashore, had any been unloaded. But he did not believe they had fallen asleep. People were usually conscious of awakening. Besides there was the testimony of Menzies, the pilot. It was hardly conceivable that this man also should have been deceived. At the same time Willis decided he must interview him, so as to form his own opinion of the man’s reliability.

Another possibility occurred to him which none of the amateur investigators appeared to have thought of. North Sea trawlers were frequently used for getting contraband ashore. Was the Girondin transferring illicit cargo to such vessels while at sea?

This was a question Inspector Willis felt he could not solve. It would be a matter for the Customs Department. But he knew enough about it to understand that immense difficulties would have to be overcome before such a scheme could be worked. Firstly, there was the size of the fraud. Six months ago, according to what Miss Coburn overheard, the syndicate were making £6,800 per trip, and probably, from the remarks then made, they were doing more today. And £6,800 meant⁠—the inspector buried himself in calculations⁠—at least one thousand gallons of brandy. Was it conceivable that trawlers could get rid of one thousand gallons every ten days⁠—One hundred gallons a day? Frankly he thought it impossible. In fact, in the face of the Customs officers’ activities, he doubted if such a thing could be done by any kind of machinery that could be devised. Indeed, the more Willis pondered the smuggling theory, the less likely it seemed to him, and he turned to consider the possibilities of Miss Coburn’s suggestion of false note printing.

Here at once he was met by a fact which he had not mentioned to Merriman. As it happened, the circulation of spurious Treasury notes was one of the subjects of interest to Scotland Yard at the moment. Notes were being forged and circulated in large numbers. Furthermore, the source of supply was believed to be some of the large towns in the Midlands, Leeds being particularly suspected. But Leeds was on the direct line through Ferriby, and comparatively not far away. Willis felt that it was up to him to explore to the uttermost limit all the possibilities which these facts opened up.

He began by looking at the matter from the

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