bable that a man who was obviously fairly
wealthy would risk imprisonment and hard labour, if not worse, for the
sake of increasing his fortune by L10,000.

"However, the theory of the Prince's guilt has taken firm root in the
dull minds of our police authorities. They have had every information
with regard to Prince Semionicz's antecedents from Russia; his position,
his wealth, have been placed above suspicion, and yet they suspect and
go on suspecting him or his secretary. They have communicated with the
police of every European capital; and while they still hope to obtain
sufficient evidence against those they suspect, they calmly allow the
guilty to enjoy the fruit of his clever roguery."

"The guilty?" said Polly. "Who do you think--"

"Who do I think knew at that moment that young Schwarz had money in his
possession?" he said excitedly, wriggling in his chair like a
Jack-in-the-box. "Obviously some one was guilty of that theft who knew
that Schwarz had gone to interview a rich Russian, and would in all
probability return with a large sum of money in his possession?"

"Who, indeed, but the Prince and his secretary?" she argued. "But just
now you said--"

"Just now I said that the police were determined to find the Prince and
his secretary guilty; they did not look further than their own stumpy
noses. Messrs. Winslow and Vassall spent money with a free hand in those
investigations. Mr. Winslow, as the senior partner, stood to lose over
L9000 by that robbery. Now, with Mr. Vassall it was different.

"When I saw how the police went on blundering in this case I took the
trouble to make certain inquiries, the whole thing interested me so
much, and I learnt all that I wished to know. I found out, namely, that
Mr. Vassall was very much a junior partner in the firm, that he only
drew ten per cent of the profits, having been promoted lately to a
partnership from having been senior assistant.

"Now, the police did not take the trouble to find that out."

"But you don't mean that--"

"I mean that in all cases where robbery affects more than one person the
first thing to find out is whether it affects the second party equally
with the first. I proved that to you, didn't I, over that robbery in
Phillimore Terrace? There, as here, one of the two parties stood to
lose very little in comparison with the other--"

"Even then--" she began.

"Wait a moment, for I found out something more. The moment I had
ascertained tha