'By Gad!' said Lieut.-Colonel Sir George Uppingdon in a feeble voice.

Mr. Immelbern did not speak. He was removing his coat and rolling up his sleeves, with his eyes riveted yearningly on the Colonel's aristocratic block.

II

The Unfortunate Financier

'The secret of success,' said Simon Templar profoundly, 'is never to do anything by halves. If you try to touch someone for a tenner, you probably get snubbed; but if you put on a silk hat and a false stomach and go into the City to raise a million-pound loan, people fall over each other in the rush to hand you blank cheques. The wretched little thief who pinches a handful of silver spoons gets shoved into clink through a perfect orgy of congratulations to the police and the magis­trates, but the bird who diddles the public of a few hundred thousands by legal methods gets knighthood. A sound buc­caneering business has to be run on the same principles.'

While he could not have claimed any earth-shaking origi­nality for the theme of his sermon, Simon Templar was in the perhaps rarer position of being able to claim that he practised what he preached. He had been doing it for so long, with so much diligence and devotion, that the name of the Saint had passed into the Valhalla of all great names: it had become a household word, even as the name of Miss Amelia Bloomer, an earlier crusader, was absorbed into the tongue that Shake­ speare did not live long enough to speak—but in a more romantic context. And if there were many more sharks in the broad lagoons of technically legal righteousness who knew him better by his chosen nom de guerre than by his real name, and who would not even have recognised him had they passed him in the street, that minor degree of anonymity was an asset in the Saint's profession which more than com­pensated him for the concurrent gaps in his publicity.

Mr. Wallington Titus Oates was another gentleman who did nothing by halves.

He was a large red-faced man who looked exactly like a City alderman or a master butcher, with a beefy solidity about him which disarmed suspicion. It was preposterous, his vic­tims thought, in the early and extensive stages of their ignor­ance, that such an obvious rough diamond, such a jovial hail-fellow-well-met, such an almost startlingly lifelike incarnation of the cartoonist's figure of John Bull, could be a practitioner of cunning and deceit. Even about his rather unusual names he was delightfully frank. If he had been an American he would certainly have called himself Wallington T. Oates, and the 'T' would have been shrouded in a mystery that might have embraced anything from Thomas to Tamerlane. In the more reserved manner of the Englishman, who does not have a Christian name until you have known him for twenty-five years, he might without exciting extraordinary curiosity have been known simply as W. T. Oates. But he was not. His cards were printed W. Titus Oates; and he was not even insistent on the preliminary 'W.' He was, in fact, best pleased to be known as plain Titus Oates, and would chortle heartily over his chances of tracing a pedigree back to the notorious in­ventor of the Popish Plot who was whipped from Aldgate to Newgate and from Newgate to Tyburn some three hundred years ago.

But apart from the fact that some people would have given much to apply the same discouraging treatment to Mr. Wallington Titus Oates, he had little else in common with his putative ancestor. For although the better-known Titus Oates stood in the pillory outside the Royal Exchange before his dolorous tour, it was not recorded that he was interested in the dealings within; whereas the present Stock Exchange was Mr. Wallington Titus Oates's happy hunting ground.

If there was anything that W. Titus Oates understood from A to whatever letter can be invented after Z, it was the ma­nipulation of shares. Bulls and bears were his domestic pets. Mergers and debentures were his bedfellows. It might almost be said that he danced contangos in his sleep. And it was all very profitable—so profitable that Mr. Oates possessed not only three Rolls-Royces but also a liberal allowance of pocket-money to spend on the collection of postage stamps which was his joy and relaxation.

This is not to be taken to mean that Mr. Oates was known in the City as a narrow evader of the law. He was, on the contrary, a highly respected and influential man; for it is one of the sublime subtleties of the law of England that whilst the manipulation of the form of racehorses is a hideous crime, to be rewarded with expulsion from the most boring clubs and other forms of condign punishment, the manipulation of share values is a noble and righteous occupation by which the large entrance fees to such clubs may commendably be ob­tained, provided that the method of juggling is genteel and smooth. Mr. Oates's form as a juggler was notably genteel and

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