Wingate moved to Josephine’s side.

“Must not?” he repeated under his breath.

“It is a private message from a correspondent in New York, who is a personal friend of Lord Dredlinton’s,” Phipps declared.  “It is of no concern to any one except ourselves.  Dredlinton, you must make your wife understand—­”

“Understand?” Dredlinton broke in.  “Give me that message, madam.”

He snatched at it.  Wingate leaned over and swung him on one side.  For a single moment Phipps, too, seemed about to attempt force.  Then, with an ugly little laugh, he recovered himself.

“My dear Lady Dredlinton, let me reason with you,” he begged.  “On this occasion Mr. Wingate is in opposition to our interests, your husband’s and mine.  You cannot—­”

“Let Lady Dredlinton read the cable,” Wingate interposed.

It was done before any further interference was possible.  Wingate stood at her side, grim and threatening.  The words had left her lips before either of the other men could shout her down.

“It is a night message from New York,” she said.  “Listen:  ’Confirm eleven steamers Universal Line withdrawn Japan trade loading secretly huge wheat cargo for Liverpool.  Confirm John Wingate, Milan Court, holds controlling influence.  Advise buy his shares any price.’”

There was a moment’s intense silence.  Dredlinton opened his lips and closed them again.  Phipps was exhibiting remarkable self-control.  His tone, as he addressed Wingate, was grave but almost natural.

“Under these circumstances, do you wish to repudiate your bargain?” he asked.  “We must at least know where we are.”

Wingate turned to Josephine.

“The matter,” he decided, “is not in my hands.  Lady Dredlinton,” he went on, “the person who opened the door of my sitting room last night was Miss Flossie Lane, a musical comedy actress sent there by your husband, who had followed you to the Milan.  Your husband imagines that because you were in my apartments at such an unusual hour, he has cause for a divorce.  That I do not believe, but, to save proceedings which might be distasteful to you, I was prepared to sell Mr. Phipps my shares in the Universal Line, imagining it to be an ordinary business transaction.  The cable which you have just read has revealed the true reason why Phipps desires to acquire those shares.  The arrival of that wheat will force down prices, for a time, at any rate.  It may even drive this accursed company into seeking some other field of speculation.  What shall I do?”

She smiled at him over her husband’s head.  She did not hesitate even for a second.  Her tone was proud and insistent.

“You must of course keep your shares,” she declared.  “As regards the other matter, my husband can do as he thinks well.”

Wingate’s eyes flashed his thanks.  He drew a little sigh of relief and deliberately tore in halves the agreement which he had been holding.  Dredlinton leaned over the desk, snatched at the telephone receiver, threw himself into his chair, and, glared first at Wingate and then at his wife.