probably win a title for himself⁠—a baronetcy, perhaps a peerage. This was just the marriage which Cotherstone desired for Lettie; he would die more than happy if he could once hear her called Your Ladyship. And now here was⁠—this!

Cotherstone sat there a long time, thinking, reflecting, reckoning up things. The dusk had come; the darkness followed; he made no movement towards the gas bracket. Nothing mattered but his trouble. That must be dealt with. At all costs, Kitely’s silence must be purchased⁠—aye, even if it cost him and Mallalieu one-half of what they had. And, of course, Mallalieu must be told⁠—at once.

A tap of somebody’s knuckles on the door of the private room roused him at last, and he sprang up and seized a box of matches as he bade the person without to enter. The clerk came in, carrying a sheaf of papers, and Cotherstone bustled to the gas.

“Dear me!” he exclaimed. “I’ve dropped off into a nod over this warm fire, Stoner. What’s that⁠—letters?”

“There’s all these letters to sign, Mr. Cotherstone, and these three contracts to go through,” answered the clerk. “And there are those specifications to examine, as well.”

Mr. Mallalieu’ll have to see those,” said Cotherstone. He lighted the gas above his desk, put the decanter and the glasses aside, and took the letters. “I’ll sign these, anyhow,” he said, “and then you can post ’em as you go home. The other papers’ll do tomorrow morning.”

The clerk stood slightly behind his master as Cotherstone signed one letter after the other, glancing quickly through each. He was a young man of twenty-two or three, with quick, observant manners, a keen eye, and a not handsome face, and as he stood there the face was bent on Cotherstone with a surmising look. Stoner had noticed his employer’s thoughtful attitude, the gloom in which Cotherstone sat, the decanter on the table, the glass in Cotherstone’s hand, and he knew that Cotherstone was telling a fib when he said he had been asleep. He noticed, too, the six sovereigns and the two or three silver coins lying on the desk, and he wondered what had made his master so abstracted that he had forgotten to pocket them. For he knew Cotherstone well, and Cotherstone was so particular about money that he never allowed even a penny to lie out of place.

“There!” said Cotherstone, handing back the batch of letters. “You’ll be going now, I suppose. Put those in the post. I’m not going just yet, so I’ll lock up the office. Leave the outer door open⁠—Mr. Mallalieu’s coming back.”

He pulled down the blinds of the private room when Stoner had gone, and that done he fell to walking up and down, awaiting his partner. And presently Mallalieu came, smoking a cigar, and evidently in as good humour as usual.

“Oh, you’re still here?” he said as he entered. “I⁠—what’s up?”

He had come to a sudden halt close to his partner, and he now stood staring at him. And Cotherstone, glancing past Mallalieu’s broad shoulder at a mirror, saw that he himself had become startlingly pale and haggard. He looked twenty years older than he had looked when he shaved himself that morning.

“Aren’t you well?” demanded Mallalieu. “What is it?”

Cotherstone made no answer. He walked past Mallalieu and looked into the outer office. The clerk had gone, and the place was only half-lighted. But Cotherstone closed the door with great care, and when he went back to Mallalieu he sank his voice to a whisper.

“Bad news!” he said. “Bad⁠—bad news!”

“What about?” asked Mallalieu. “Private? Business?”

Cotherstone put his lips almost close to Mallalieu’s ear.

“That man Kitely⁠—my new tenant,” he whispered. “He’s met us⁠—you and me⁠—before!”

Mallalieu’s rosy cheeks paled, and he turned sharply on his companion.

“Met⁠—us!” he exclaimed. “Him! Where?⁠—when?”

Cotherstone got his lips still closer.

“Wilchester!” he answered. “Thirty years ago. He⁠—knows!”

Mallalieu dropped into the nearest chair: dropped as if he had been shot. His face, full of colour from the keen air outside, became as pale as his partner’s; his jaw fell, his mouth opened; a strained look came into his small eyes.

“Gad!” he muttered hoarsely. “You⁠—you don’t say so!”

“It’s a fact,” answered Cotherstone. “He knows everything. He’s an ex-detective. He was there⁠—that day.”

“Tracked us down?” asked Mallalieu. “That it?”

“No,” said Cotherstone. “Sheer chance⁠—pure accident. Recognized us⁠—after he came here. Aye⁠—after all these years! Thirty years!”

Mallalieu’s eyes, roving about the room, fell on the decanter. He pulled himself out of his chair, found a clean glass, and took a stiff drink. And his partner, watching him, saw that his hands, too, were shaking.

“That’s a facer!” said Mallalieu. His voice had grown stronger, and the colour came back to his cheeks. “A real facer! As you say⁠—after thirty years! It’s hard⁠—it’s blessed hard! And⁠—what does he want? What’s he going to do?”

“Wants to blackmail us, of course,” replied Cotherstone, with a mirthless laugh. “What else should he do? What could he do? Why, he could tell all Highmarket who we are, and⁠—”

“Aye, aye!⁠—but the thing is here,” interrupted Mallalieu.

“Supposing we do square him?⁠—is there any reliance to be placed on him then? It ’ud only be the old game⁠—he’d only want more.”

“He said an annuity,” remarked Cotherstone, thoughtfully. “And he added significantly, that he was getting an old man.”

“How old?” demanded Mallalieu.

“Between sixty and seventy,” said Cotherstone. “I’m under the impression that he could be squared, could be satisfied. He’ll have to be! We can’t let it get out⁠—I can’t, anyway. There’s my daughter to think of.”

“D’ye think I’d let it get out?” asked Mallalieu. “No!⁠—all I’m thinking of is if we really can silence him. I’ve heard of cases where a man’s paid blackmail for years and years, and been no better for it in the end.”

“Well⁠—he’s coming here tomorrow afternoon some time,” said Cotherstone. “We’d better see him⁠—together. After all, a hundred a year⁠—a couple of hundred a year⁠—’ud be better than⁠—exposure.”

Mallalieu drank off his whisky and pushed the glass aside.

“I’ll consider it,” he remarked. “What’s certain sure is that he’ll have to be

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