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The money has gone and, if astute detectives bring back the defaulter from the pleasant life which the Southern American cities offer to rich idlers, he is hopelessly vague as to the method by which it went. Mr. Lassimus White was the managing director and general manager of Punsonby's.

Punsonby's is a one man company and you're that man. Its balance sheets are faked, its reserves are non-existent. Its sinking fund is spurlos versenkt." "Sir!"

This she scribbled, after comparing the numbers attached to the seals with those inscribed on the boy's receipt-book. For some reason Hilda had not followed her, and she was alone and had tumbled the contents of the first bag on to her desk when the managing director of Punsonby's made a surprising appearance at the glass-panelled door of her office.

It is all very unpleasant very unpleasant," and he shook his head. She bowed and turning, walked quickly from the room, passed to the lobby where her coat was hung, put on her hat and left Punsonby's for ever. It was when she had reached the street that, with a shock, she remembered Beale's words and she stood stock-still, pinching her lip thoughtfully. Had he known?

The "foreign gentleman" who on the previous day had called on van Heerden had been seen there that morning, but he, too, had vanished, and none of McNorton's watchers had been able to pick him up. McNorton shifted the direction of his search and dropped into the palatial establishment of Punsonby's.

They were unimportant, and consisted mainly of letters from the few girl friends she had made during her stay at Punsonby's old theatre programmes, recipes copied from newspapers and bunches of snapshots taken on her last summer excursion. She arranged the things in some sort of rough order and made an inspection of her bedroom.

"Ah well, that's my misfortune," he said, "there are only two things I can say. The first is that if you work for me you will neither be distressed nor annoyed by any habits of mine which you may have observed and which may perhaps have prejudiced you against me. In the second place, I want you to promise me that if you ever leave Punsonby's you will give me the first offer of your services."

"You were nearly arrested again at Doctor van Heerden's instigation. He was waiting for you when you came back from Punsonby's, ready to offer you his job. When he discovered you had already engaged yourself he telephoned to White, instructing him to have you arrested so that you might be disgraced and might turn to him, your one loyal friend." She listened speechless.

"When was this?" asked Beale. "I really cannot allow myself to be cross-examined, young man," he said severely, "by your accent I perceive that you are of trans-Atlantic origin, but I cannot allow you to hustle me hustle I believe is the word. The firm of Punsonby's " "Forget 'em," said Beale tersely. "Punsonby's has been on the verge of collapse for eight years. Let's get square, Mr. White.

He knew, for example, that the immaculate managing director of Punsonby's was in the hands of moneylenders, and that those moneylenders were squeezing him. He suspected that all was not well with Punsonby's. There had been curious rumours in the City amongst the bill discounters that Punsonby's "paper" left much to be desired. "Do you know the nationality of van Heerden?" he asked.