'Did you ever lose money in any of his companies?'

'No.'

'You know that we can investigate that?'

Costello smiled slightly.

'I don't know why you should take that attitude, Inspector, but my affairs are open to any examination.'

'Have you been making money yourself lately?'

'No. As a matter of fact, I've lost a bit,' said Costello frankly. 'I'm interested in International Cotton, you know.'

He took out a cigarette and a lighter, and Simon found his eyes riveted on the device. It was of an uncommon shape, and by some means or other it produced a glowing heat in­stead of a flame. Quite unconscious of his own temerity, the Saint said: 'That's something new, isn't it? I've never seen a lighter like that before.'

Mr. Teal sat back blankly and gave the Saint a look which would have shrivelled any other interrupter to a cinder; and Costello turned the lighter over and said: 'It's an inven­tion of my own—I made it myself.'

'I wish I could do things like that,' said the Saint admir­ingly. 'I suppose you must have had a technical training.'

Costello hesitated for a second. Then:

'I started in an electrical engineering workshop when I was a boy,' he explained briefly, and turned back to Teal's desk.

After a considerable pause the detective turned to the tubby man with glasses, who had been sitting without any signs of life except the ceaseless switching of his eyes from one speak­er to another.

'Are you in partnership with Mr. Costello, Mr. Hammel?' he asked.

'A working partnership—yes.'

'Do you know any more about Enstone's affairs than Mr. Costello has been able to tell us?'

'I'm afraid not.'

'What were you talking about at dinner last night?'

'It was about a merger. I'm in International Cotton, too. One of Enstone's concerns was Cosmopolitan Textiles. His shares were standing high and ours aren't doing too well, and we thought that if we could induce him to amalgamate it would help us.'

'What did Enstone think about that?'

Hammel spread his hands.

'He didn't think there was enough in it for him. We had certain things to offer, but he decided they weren't sufficient.'

'There wasn't any bad feeling about it?'

'Why, no. If all the business men who have refused to com­bine with each at different times became enemies, there'd hardly be two men in the City on speaking terms.'

Simon cleared his throat.

'What was your first important job, Mr. Hammel?' he queried.

Hammel turned his eyes without moving his head.

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