the theory he had evolved in the picture-house, had failed to find any evidence upon which he could act. He hardly knew whether to attribute Mr. Copperdock’s story of his meeting with the black sailor to pure hallucination, or to an attempt to divert suspicion from himself. In either case, it could be made to fit in with the theory that he had murdered Richard Pargent under the influence of what the psychologists called an imitative complex. Whyland redoubled his activities, and a most accurate watch was kept upon Mr. Copperdock’s movements. A month had elapsed since the murder of Richard Pargent when Mr. Jacob Martin, the prosperous wine merchant of the Barbican, opening his morning post in his comfortable office, came upon a typewritten envelope, marked “Private and Confidential.” He ripped it open with the paper cutter which lay upon his desk, and unfolded the letter it contained. It also was typewritten, on plain paper. Only the signature “John Lacey” was in ink.

Mr. Martin, a portly, grey-haired man of between fifty and sixty, read the letter through twice, with a gathering frown upon his face. He had prospered exceedingly since the day when he had first set up in business for himself as a wine merchant, so much so that his competitors wondered at his success. There had, from time to time been rumours, quickly suppressed, to the effect that Mr. Martin had other means of livelihood than his ostensible business. But Mr. Martin was a remarkably astute man, and had hitherto managed to avoid undue inquisitiveness.

And now, like a bolt from the blue, came this extraordinary letter. Confound John Lacey, and his prying habits, whoever he might be. That little cellar under the back office! How well he remembered it. It had been the scene of many most profitable transactions, had harboured treasures for which the police of two continents had searched in vain. For Mr. Martin was a receiver of stolen goods, not a mere general practitioner of the art, but a specialist whose services were utilized only by the aristocracy of thieves, and whose particular function was turning into cash only the most valuable jewellery.

With an exclamation of annoyance Mr. Martin turned once more to the letter. “Dear Sir, I venture to address you upon a subject which will no doubt interest you,” it ran. “I have recently acquired a lease of the premises No. 407, Praed Street, which I understand, were in your occupation up till some fifteen years ago. Since you vacated them, these premises have been occupied by a clothier, who did not require the extensive cellarage, which was boarded up. In the course of certain alterations which I am having made to the premises, the entrance to the cellars has once again been opened. In the course of my investigations I have made a most interesting discovery in the small cellar beneath the back office.

“I should perhaps report this discovery to the authorities, but I have thought it best to consult you upon the matter before doing so. This letter should reach you by the first post tomorrow (Saturday) morning. I should be glad if you could make it convenient to meet me on the premises at 2 p.m. that day, when the workmen who are at present employed there will have gone. I can then show you my discovery, and we can consult upon the most suitable steps to be taken in the matter. Should you not find this convenient, I shall assume that the subject does not interest you, and shall report the matter forthwith to the police. Yours faithfully, John Lacey.”

A blackmailing letter, without a doubt, Mr. Martin could see at a glance. But what on earth could the fellow have discovered? Fifteen years ago, when Mr. Martin moved from Praed Street to the Barbican, he had taken the utmost care to destroy every trace of the purpose to which that little cellar had been put. He racked his brains to try and think of anything that could possibly have been overlooked, but without success. Even those ingeniously contrived recesses in the walls had been torn out, leaving nothing but the bare brick. Mr. Martin had done the work with his own hands, not caring to trust anyone else with so delicate a matter. Yet, after all, in spite of all his care, he must have left some clue, which this infernal fellow Lacey had somehow blundered upon.

He brushed aside as absurd the suggestion that “Lacey” could conceal the identity of one of those with whom he had done business, who knew the secret of the cellar and had adopted this clumsy plan to blackmail him. The circle of his secret clients was a very narrow one; he knew them all and was well aware that blackmail was neither in their line nor in their interest. The expert in acquiring jewellery concentrated upon his particular art; he did not descend to blackmail, especially of the one man through whose agency he was able to dispose of his spoil. No, there was no doubt about it, a slip had been made, a slip which had lain undiscovered all these years, through the circumstance that his successor, the clothier, had found no use for the cellars and had boarded up the entrance to them.

There was nothing for it but to carry out the suggestion contained in the letter, and meet the man in Praed Street at two o’clock. He must find out the nature of this mysterious discovery, and take steps to ensure that all evidence of it be securely destroyed. Lacey, of course, would demand some compensation for holding his tongue. The sum he demanded would depend upon the importance of what he had found. Well, they would discuss terms, alone in that empty house, in the very cellar which Mr. Martin remembered so well.

Mr. Martin stroked his chin reflectively. What sort of fellow was this Lacey, he wondered? He himself was a powerful man, proud of his own powers of intimidation.

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