' he said, 'but did not quite
like to say so. I have been in over half an hour, hoping every moment
that you would come in, and that perhaps you could give me some
reassuring news. I thought that perhaps you had met Mr. Schwarz, and
were coming back together.'

"However, Mr. Vassall walked round to the hotel and interviewed the hall
porter. The latter perfectly well remembered Mr. Schwarz sending in his
card to Prince Semionicz.

"'At what time was that?' asked Mr. Vassall.

"'About ten minutes past three, sir, when he came; it was about an hour
later when he left.'

"'When he left?' gasped, more than said, Mr. Vassall.

"'Yes, sir. Mr. Schwarz left here about a quarter before four, sir.'

"'Are you quite sure?'

"'Quite sure. Mr. Pettitt was in the hall when he left, and he asked him
something about business. Mr. Schwarz laughed and said, "not bad." I
hope there's nothing wrong, sir,' added the man.

"'Oh--er--nothing--thank you. Can I see Mr. Pettitt?'

"'Certainly, sir.'

"Mr. Pettitt, the manager of the hotel, shared Mr. Vassall's anxiety,
immediately he heard that the young German had not yet returned home.

"'I spoke to him a little before four o'clock. We had just switched on
the electric light, which we always do these winter months at that hour.
But I shouldn't worry myself, Mr. Vassall; the young man may have seen
to some business on his way home. You'll probably find him in when you
go back.'

"Apparently somewhat reassured, Mr. Vassall thanked Mr. Pettitt and
hurried back to the shop, only to find that Mr. Schwarz had not
returned, though it was now close on eight o'clock.

"Mr. Winslow looked so haggard and upset that it would have been cruel
to heap reproaches upon his other troubles or to utter so much as the
faintest suspicion that young Schwarz's permanent disappearance with
L16,000 in jewels and money was within the bounds of probability.

"There was one chance left, but under the circumstances a very slight
one indeed. The Winslows' private house was up the Birkenhead end of the
town. Young Schwarz had been living with them ever since his arrival in
Liverpool, and he may have--either not feeling well or for some other
reason--gone straight home without calling at the shop. It was unlikely,
as valuable jewellery was never kept at the private house, but--it just
might have happened.

"It would be useless," continued the man in the corner, "and decidedly
uninteresting, were I to relate