biggest up to date. And he was using, for his purpose, Prince Rudolf. It was one of those two men who killed one of my dearest friends, in my bungalow up the river, where we had taken Vargan. You may remember reading that one of our little band was found there. Norman Kent— one of the whitest men that ever walked this earth. ...'

'I remember.'

The Saint was gazing into the fireplace, and there was something in his face that forbade anyone to break the short silence which followed.

Then he pulled himself together.

'The rest of us got away, out of England,' he went on quietly. 'You see, Norman had stayed behind to cover our retreat. We didn't know then that he'd done it deliberately, knowing he hadn't a hope of getting away himself. And when we found out, it was too late to do anything. It was then that I swore to—pay my debt to those two men. ...'

'' I understand,'' said the girl softly.

'I've been after them ever since, and Roger with me. It hasn't been easy, with a price on our heads; but we've had a lot of luck. And we've found out—many things. One of them is that the work that Norman died to accomplish isn't finished yet. When we put Vargan out of Marius's reach we thought we'd knocked the foundations from under his plot. I believe Marius himself thought so, too. But now he seems to have discovered another line of attack. We haven't been able to find out anything definite, but we've felt—reactions. And Marius and Prince Rudolf are hand in glove again. Marius is still hoping to make his war. That is why Marius must die very soon—but not before we're sure that his intrigue will fall to pieces with his death.'

The Saint looked at the girl.

'Now do you see where you come in?' he asked.

She passed a hand across her eyes.

'You're terribly convincing.' Her eyes had not left his face all the time he had been talking. 'You don't seem like a man who'd make things like that up ... or dream them. . . . But—'

'Your left hand,' said the Saint.

She glanced down. The ring on the third finger caught the light and flung it back in a blaze of brilliance. And was he mistaken, or did he see the faintest shadow of fear touch a proud face that should never have looked afraid?

But her voice, when she spoke, told him nothing.

'What has that to do with it?'

'Everything,' answered Simon. 'It came to me when I first mentioned Prince Rudolf's name to you. But I'd already got the key to the whole works in the song I was singing just before I barged into Heinrich Dussel's house —and I didn't know it. . . .'

The girl wrinkled her brow.

'What do you mean?'

'I told you that Marius was working for a group of financiers—men who hoped to make millions out of the war he was engineering for them,' said the Saint. 'Now, what kind of financier do you think would make the most out of another great war?'

She did not answer; and Simon took another cigarette. But he did not light it at once. He turned it between his fingers with a savage gentleness, as if the immensity of his inspiration cried aloud for some physical expression.

He went on, in the same dispassionate tone:

'In the story I've just told you, Vargan wasn't the whole of the plot. He was the key piece—but the general idea went deeper and wider. Before he came into the story, there'd been an organized attempt to create distrust between this country and others in Europe. You must see how easy that would be to wealthy and unscrupulous men. At man alleged to be, say, a French spy, is arrested— here. A man alleged to be a spy of ours is arrested—in France. And it goes on. Spies aren't shot in time of peace. They merely go to prison. If I can afford to send for a number of English crooks, say, and tell them: 'I want you to go to such and such a place, with certain things which I will give you. You will behave in such and such a manner, you will be arrested and convicted as a spy, and you will be imprisoned for five years. If you take your sentence and keep your mouth shut, I will pay you ten thousand pounds'—aren't there dozens of old lags in England who'd tumble over each other for the chance? And it would be the same with men from other countries. Of course, their respective governments would disown them; but governments always disown their spies. That wouldn't cut any ice. And as it went on, the distrust would grow. . . . That isn't romance. It's been done before, on a smaller scale. Marius was doing it before we intervened, in June last. What they call 'situations' were coming to dangerous heads. When Marius fell down over Vargan, the snake was scotched. We thought we'd killed it; but we were wrong. Do you remember the German who was caught trying to set fire to our newest airship, the R103?'

'Yes.'

'Marius employed him—for fifteen thousand pounds. I happened to know that. In fact, it was intended that the R103 should actually be destroyed. The plot only failed because I sent information to Scotland Yard. But even that couldn't avert the public outcry that followed. . . . Then, perhaps, you remember the Englishman who was caught trying to photograph a French naval base from the air?'

'The man there was so much fuss about a month ago?'

The Saint nodded.

'Another of Marius's men. I know, because I was hiding in Marius's wardrobe at the Hotel Edouard VII, in Paris, when that man received his instructions. . . . And the secret treaty that was stolen from our Foreign Office messenger between Folkestone and Boulogne—'

'I know.'

'Marius again.'

The Saint stood up; and again he began to pace the room.

'The world's full of Peace Pacts and Disar­mament Conferences,' he said, 'but where do those things go to when there's distrust between nations? No one may want war—those who saw the last war through would do anything to prevent another—but if a man steals your chickens, and throws mud at your wife when she goes for a walk, and calls you names over the garden wall, you just naturally have to push his teeth through the back of his neck. You can be as long-suffering as you like; but presently he carefully lays on the last straw just where he knows it'll hurt most, and then you either have to turn round and refashion his face or earn the just contempt of all your neigh­bours. Do you begin to understand?'

'I do. ... But I still don't see what I've got to do with it.'

'But I told you!' She shook her head, blankly. 'When?'

'Didn't you see? When I was talking about financiers—after I'd recognized you? Isn't your father Hiram Delmar, the Steel King? And aren't you engaged to marry Sir Isaac Lessing, the man who controls a quarter of the world's oil? And isn't Lessing, with his Balkan concessions, practically the unofficial dictator of southeastern Europe? And hasn't he been trying for years to smash R.O.P.? . . . Suppose, almost on the eve of your wedding, you disappear — and then you're found — on the other side — in Russia. ...'

The Saint's eyes were blazing.

'Why, it's an open book!' he cried. 'It's easy enough to stir up distrust among the big nations; but it's not so easy to get them moving — there's a hell of a big coefficient of inertia to overcome when you're dealing with solid old nations like England and France and Germany. But the Balkans are the booster charge — they've been that dozens of times before — and you and Lessing make up the detonator. . . . It's worthy of Marius's brain! He's got Lessing's psychology weighed up to the last lonely milligram. He knows that Lessing's notorious for being the worst man to cross in all the world of high finance. Lessing's gone out of his way to break men for nothing more than an argument over the bridge table, before now. . . . And with you for a lever, Marius could engineer Lessing into the scheme — Lessing could set fire to the Balkans — and there might be war in Europe within the week!'

3

ONCE, MONTHS BEFORE, when Simon Templar had expounded a similar theory, Roger Conway had looked at him incredulously, as if he thought the Saint must have taken leave of his senses. But now there was no incredulity in Roger's face. The girl looked at him, and saw that he was as grave as his leader.

She shook her head helplessly.

'It's like a story-book,' she said, 'and yet you make it sound so convincing. You do. . .

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