alm, Mr. Stafford," he said drily, with an emphasis on the "if."

"_If!_" echoed Sir Stephen, laughing and nodding. Stafford could see by
the brilliance of his eyes, the flush on his face, that he was excited
and was struggling with excitement. "If!"

Falconer nodded at the despatch-case, and, with another bantering
laugh, Sir Stephen opened it and took out a large envelope. He held
this for a moment poised between finger and thumb, then he tore it open
and took out a sheet of paper, and turned his flashing eyes from the
two men to the document.

He rose for a moment with the smile still on his face; then they saw it
fade, saw the flush slowly disappear, and in its place a dull grey
steal over the face.

Stafford, startled, went round to him and laid a hand on his shoulder.

"What is the matter, sir?" he asked. "Bad news?"

Sir Stephen looked at him as if he did not see him, then turned his
eyes upon Falconer, who stood regarding him with a fixed, sardonic
gaze.

"Hast thou found me, oh, mine enemy?" came at last from Sir Stephen's
white lips.

Stafford looked from one to the other.

"What--what on earth is the matter? What do you mean?" he said.

Sir Stephen raised his hand and pointed to Ralph Falconer.

"This--this man!" he gasped; then he shook his head impatiently, as if
he were fighting against his weakness. "This man Falconer has betrayed
me!"

Stafford drew himself up, as he stood by his father's side, and eyed
Falconer sternly.

"Will you explain, Mr. Falconer?" he said.

"Certainly," said Falconer, with a grim calmness. "Your father uses
unwarrantably strong language, Mr. Orme, for an action of mine which is
quite a common one amongst business men."

"No!" gasped Sir Stephen, as he sank back into the chair. "Treachery is
not common--"

"Treachery is the wrong word," said Falconer, as coldly as before.
"Better let me explain to Mr. Stafford. I can do so in a few words, Mr.
Orme. The fact is, your father and I have been, quite unknown, to each
other, engaged in the same scheme. It is nothing more nor less than the
acquisition of certain land and rights which carry with them the
privilege of constructing a railway in the most promising part of South
Africa--"

Sir Stephen leant forward, his head on his hands, his eyes fixed on the
heavy, stolid face of the speaker, the face which the keen, hawk-like
eyes flashed under the lowered lids with a gleam of power and triumph.

--"Your father had