had with her a collection of unmounted diamonds, which she intended to have set by London jewellers, of whose skill she had heard great accounts. These diamonds she proposed to deposit as security, and she would agree to pay whatever rate of interest was customary. She asked me if my firm would be prepared to lend the money on these terms.”

“Why did she not cable to her husband?”

“I asked her that, and she explained that she did not wish to tell Mr. Root, as he had an inveterate dislike to gambling, and they had had several disagreements about her betting proclivities. In fact, relations had been seriously strained until she had promised amendment, and a confession might easily lead to a serious breach. She could not, either, attribute the loss to the theft, as it ran to so great a figure that she could not possibly be carrying the amount in her despatch case. She said she would prefer to borrow the money until she could write to her man of business to realise some of her own stocks.

“I said that her proposition, as such, was acceptable, as we frequently took stones and jewellery as security for loans, but that as she was a stranger to us, before we could do business we should obviously require some evidence of her bona fides. She replied that that was all right, that she quite recognised that owing to the loss of her papers and particularly of her passport something of the kind would be necessary. She said we could make what inquiries we liked, provided only we were quick about them, for she wanted the money as soon as possible. She asked how long we should take, and when I said twenty-four hours, she admitted that was reasonable. She suggested that if we did business we should take the stones to be valued to one of the best-known London jewellers. I agreed to this, and rang up Mr. Stronge, of Hurst & Stronge, of Bond Street, to ask him if he would undertake the valuation. He is, as you probably know, one of the most famous experts in the world. He consented, and I settled with him the amount of his fee. Finally it was arranged that, provided our inquiries were satisfactory, I should meet Mrs. Root at Hurst & Stronge’s at half-past ten on the following morning, she with the stones and I with my cheque book. I was to pay her five-sixths of the value of the diamonds. She said she expected to pay back the loan in about four weeks, and suitable terms of interest were arranged.”

Mr. Williams paused and glanced at his companion, as though to assure himself that his story was receiving the attention he evidently felt it deserved. But French’s air of thrilled interest left him no room for doubt, and he continued:

“I made my inquiries, and all appeared satisfactory. I called up Mrs. Root at the Savoy, told her I was prepared to deal, and at the hour named met her at Hurst & Stronge’s. Mr. Stronge took us to his private room, and there Mrs. Root produced a bag of stones, mostly diamonds, though there were a few emeralds and a large ruby, all unmounted. There were sixteen stones ranging in value from £40 to £400, but averaging about £200 or £220. Mr. Stronge valued them very carefully, and after a long wait we got his opinion. The whole were worth about £3,300, and in accordance with our bargain I proposed to hand Mrs. Root a cheque for £2,750. She admitted the correctness of this, but said she wanted the £3,000, and after some conversation I agreed to meet her wishes and filled the cheque for the latter sum. She then objected that no bank would pay her without inquiring as to her identity, which would mean another delay, and asked me if I would go with her to the bank to certify that she was the person for whom I intended the money. I agreed to this, and we went to the Piccadilly branch of the London and Counties Bank. There we saw the manager, and there I left her. I returned here and lodged the stones in my safe.”

“The manager took your identification, I suppose?”

“Oh, yes. I know him personally and there was no difficulty. That ended the matter as far as I was concerned, and for four weeks I thought no more of it. But as the fifth and sixth week passed and the lady made no sign, I began to wonder. I telephoned to the Savoy, but it appeared she had left on the day of our deal. I assumed, however, that she was on the Continent, and no suspicion that all was not right occurred to me.”

“Then what roused your suspicion?”

“I am coming to that,” Mr. Williams answered in a slightly frigid tone. “This morning I happened to show the stones⁠—without saying how they came into my possession, of course⁠—to a personal friend of my own, a diamond merchant named Sproule, who had called with me on other business. When he saw them he grew very much excited, and asked me where I had got them from. I pressed him for an explanation, and he said they fitted the description circulated of those stolen from Messrs. Duke & Peabody. He was emphatic that I should inform the firm, but I thought it better to ring you up instead.”

“Very wise, sir,” French approved. “That was certainly your proper course. Now, I take it the first thing we have to do is to see if your friend, Mr. Sproule, is correct in his supposition. I have a list of the missing stones in my pocket, but I don’t know that I’m expert enough to identify them. I think we’ll have Mr. Duke over. May I use your phone?”

Mr. Duke was naturally eager to learn details of the new development, and in less than half an hour he joined the others in Mr. Williams’s office.

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