that the thief may have calculated on being able to pay the missing sum to our bankers, before an inevitable discovery followed the annual striking of our balance.  This would not have happened, in the usual course, for another three months.  During that period, but for your letter, we might have remained perfectly unconscious of the robbery that has been committed.

“We mention this last circumstance, as it may help to show you that we have to do, in this case, with no ordinary thief.  Thus far we have not even a suspicion of who that thief is.  But we believe you will assist us in making some advance towards discovery, by examining the receipt (forged, of course) which has no doubt purported to come to you from our house.  Be pleased to look and see whether it is a receipt entirely in manuscript, or whether it is a numbered and printed form which merely requires the filling in of the amount.  The settlement of this apparently trivial question is, we assure you, a matter of vital importance.  Anxiously awaiting your reply, we remain, with high esteem and consideration,

   “DEFRESNIER & CIE.”

Vendale had the letter on his desk, and waited a moment to steady his mind under the shock that had fallen on it.  At the time of all others when it was most important to him to increase the value of his business, that business was threatened with a loss of five hundred pounds.  He thought of Marguerite, as he took the key from his pocket and opened the iron chamber in the wall in which the books and papers of the firm were kept.

He was still in the chamber, searching for the forged receipt, when he was startled by a voice speaking close behind him.

“A thousand pardons,” said the voice; “I am afraid I disturb you.”

He turned, and found himself face to face with Marguerite’s guardian.

“I have called,” pursued Obenreizer, “to know if I can be of any use.  Business of my own takes me away for some days to Manchester and Liverpool.  Can I combine any business of yours with it?  I am entirely at your disposal, in the character of commercial traveller for the firm of Wilding and Co.”

“Excuse me for one moment,” said Vendale; “I will speak to you directly.”  He turned round again, and continued his search among the papers.  “You come at a time when friendly offers are more than usually precious to me,” he resumed.  “I have had very bad news this morning from Neuchatel.”

“Bad news,” exclaimed Obenreizer.  “From Defresnier and Company?”

“Yes.  A remittance we sent to them has been stolen.  I am threatened with a loss of five hundred pounds.  What’s that?”

Turning sharply, and looking into the room for the second time, Vendale discovered his envelope case overthrown on the floor, and Obenreizer on his knees picking up the contents.

“All my awkwardness,” said Obenreizer.  “This dreadful news of yours startled me; I stepped back—­” He became too deeply interested in collecting the scattered envelopes to finish the sentence.