“Middie speshais!” bellowed a newspaper-seller in his ear.

“Midday specials,” came another voice, a few moments later.

The difference in the two voices was ludicrous. Mannering looked at both men. The one was old, sharp- featured, and dressed in dirty rags; the other was younger dressed poorly but neatly, and with a rather intelligent lace; disillusioned perhaps, but intelligent.

“As different to look at,” he thought, “as they sounded different. Sounded different . . .”

He bought a Standard from the younger man and walked on, smiling. Had it been later in the day the news-seller might have wondered how much Mannering had won, for he looked pleased with himself and with life. He was pleased. The voice of Septimus Lee. that day, had been different from the voice on the previous day. There had been little or no accent, while before there had been a definite Jewish inflection, more difficulty with the w’s and s’s.

“So he changes his voice,” thought Mannering, “to suit himself. Strange.”

Half an hour later he thought it stranger still.

He was looking at the Rosa pearls, wondering how to dispose of them and whether it was the genuine string. He was faced immediately with two of the major problems of his new life — how to sell what he had stolen, and how to make sure that he had genuine stones, not artificial ones.

There was a connection between the two problems, he knew. Once he found a reliable buyer — or fence — he would also find a reliable judge — a man who would not purchase dud stuff as the genuine article. It was not altogether satisfactory, but for the time being it would serve.

He remembered Flick Leverson, who had purchased one or two small trinkets from him before his. Flick’s, unfortunate apprehension by Bill Bristow.

“I can take the small stuff,” Flick had told him, “but if you ever get any big stuff don’t try me; try Levy Schmidt.”

Mannering had smiled at the time, for Levy had recommended Flick. Moreover, he had been warned by several gentlemen of the fraternity to avoid Levy Schmidt like the plague. Levy was reputed to be a police-informer. Mannering had said as much.

“He’s a snout,” Flick Leverson had admitted, “on the little boys, bo’. He puts the dicks on to the rats while he gets away with the big boys himself. You take my word for it. Levy Schmidt’s all right if your stuff’s big.”

Mannering had tried Levy out with the Kenton brooch. Contrary to Detective-Inspector Bristow’s belief. Levy had not given the tweed-capped man away; he had played a part, suggested by Mannering, that had completely hoodwinked the detective. In other words. Flick Leverson had been right.

Mannering naturally thought of Levy Schmidt in connection with the Rosa pearls. Levy would probably refuse to part with more than live thousand pounds for them, but at that time Mannering’s exchequer was in sad need of replenishment. He would rather sell to Levy at half the value (illegal value) of the pearls, and get his cash immediately, than wait until he found someone with whom he could deal direct. In any event, direct dealing in a case like this might have unforeseen results; it was foolish to take undue risks.

“Levy it is,” said Mannering, leaving the pearls on the table while he brewed himself tea at the service-flat which he used as a place of retreat. John Mannering, man-about-town, lived at the Elan Hotel, for the sake of his reputation.

“Levy it shall be,” he said, as he drank the tea. “Levy to-night,” he murmured tunefully, for he was still very pleased with the success of his raid on the previous night.

And then he became very thoughtful.

At eight o’clock that night a man in a tweed cap waited near Levy Schmidt’s pawnshop in the Mile End Road until the pawnbroker, grey and bent and weary-looking, left his shop, locked it, and began to walk slowly towards the nearest tram-stop. The man in the tweed cap followed him, even on to a tram travelling towards Aldgate. At Aldgate Levy clambered off it awkwardly, and the man with the tweed cap jumped off in time to see Levy disappear into that most unlikely of places — the Oriem Turkish Baths.

The man in the tweed cap waited on a corner opposite the baths, from where he could see both entrances to the building. Twice a policeman viewed him suspiciously, and once he looked frankly into the constable’s face, to avoid suspicion.

“Fixture, ain’t I ?” he said. “She works over there. Oughter be out soon.”

The bobby smiled to himself sentimentally and walked on.

Ten minutes later a Daimler car drew up outside the Oriem Turkish Baths, chauffeured by a burly man in a peaked cap and a blue uniform. Five minutes later still Mr Septimus Lee left the Oriem Turkish Baths and hurried to the Daimler. The Daimler moved off into the stream of traffic going towards the City.

“Now that,” muttered the man in the tweed cap, pulling its peak farther over his face and slouching towards a bus, apparently forgetful of “she”, “is a beautiful piece of luck. If you don’t do well at this game, J.M., it’ll be your own darned fault.”

For Septimus Lee and Levy Schmidt were one and the same!

Mannering had made a list of receivers of stolen goods — known in the vernacular as “fences” and by Flick Leverson’s more up-to-date colloquialism as “smashers” — supplied by that philosophical fence, for Flick had realised that it was possible he would be nobbled, and his fears had been justified. Mannering had little desire to try these men with the stuff — or, to use Flick’s term again, the “sparks” — that was being watched for by the police. Others besides Levy

Schmidt might be informers on big stuff or small; and, n any case, he could not expect such co-operation from them as he had received from Levy.

His discovery of the Jew’s dual personality intrigued him. The man’s cunning was astonishing — and too thorough, the Baron decided, to be matched — yet.

As pawnbroker and fence Lee would be waiting warily for the Rosa pearls; as the financial head of the Severell

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