as included.

"Here he is," said Graham, and Hillyard, moving across to the bureau,
followed Graham's forefinger across the written page. He was agent for
the Compania de Navigacion del Sur d'Espana--a German firm on the black
list, headquarters at Alicante. Escobar severed his connection with the
company on the outbreak of war.

Graham raised his head to comment on the action.

"That, of course, was camouflage. But it checked suspicion for a time.
Suspicion was first aroused," and he resumed reading again, "by his
change of lodging. He lived in a small back bedroom in a boarding-house
in Clarence Street, off Westbourne Grove, and concealed his address,
having his letters addressed to his club, until February, 1915, upon
which date he moved into a furnished flat in Maddox Street. Nothing
further, however, happened to strengthen that suspicion until, in the
autumn of that year, a letter signed Mario was intercepted by the
censor. It was sent to a Diego Perez, the Director of a fruit company at
Murcia, for Emma Grutsner."

"You sent me a telegram about her," exclaimed Hillyard, "in November."

Commodore Graham's forefinger travelled along the written lines and
stopped at the number and distinguishing sign of the telegram, sent and
received.

"Yes," continued Graham. "Here's your answer. 'Emma Grutzner is the
governess in a Spanish family at Torrevieja, and she goes occasionally,
once a month or so, to the house of Diego Perez in Murcia.'"

"Yes, yes! I routed that out," said Hillyard. "But I hadn't an idea that
Mario Escobar was concerned in it."

"That wasn't mentioned?" asked the Commodore.

"No. I already knew, you see, of B45. If just a word had been added that
it was Mario who was writing to Emma Grutzner we might have identified
him months ago."

"Yes," answered Graham soothingly and with a proper compunction. He was
not unused to other fiery suggestions from his subordinates that if only
the reasons for his telegrams and the information on which his questions
were based, were sent out with the questions themselves, better results
in quicker time could be obtained. Telegrams, however, were going out
and coming in all day; a whole array of cipherers and decipherers lived
in different rookeries in London. Commodore Graham's activities embraced
the high and the narrow seas, great Capitals and little tucked-away
towns and desolate stretches of coast where the trade-winds blew. No
doubt full explanations woul