this, as you will
see by the French translation, gives us a perfectly free hand to do
whatever we like, and charge the public what we like, providing we give
a royalty of five per cent. to the State."

Then he handed Mr. Budden-Reynolds the letter from the Sublime Porte,
together with the French translation.

The letter the speculator read through carefully, and then expressed a
desire to participate in the venture.

Ansell's bluff was superb.

The two men talked over the matter, "The American" drawing an entrancing
picture of the enormous sums which were bound to accrue on the
enterprise until, before he left the room, Mr. Budden-Reynolds declared
himself ready to put up three hundred and fifty pounds for preliminary
expenses if, in exchange, he might become one of the original syndicate.

Upon a sheet of the hotel notepaper a draft agreement was at once drawn
up, but not, however, until Ansell had raised many objections. He was
not eager to accept the money, a fact which greatly impressed the
victim.

An hour later, however, he took Mr. Budden-Reynolds' cheque, signed a
receipt, and from that moment his recovery from his illness was
extremely rapid.

Early next morning he handed in the cheque to a local bank for
telegraphic clearance--which would occupy two days--and then set about
packing.

On the second day, at three o'clock in the afternoon, he drew the money,
paid his hotel bill with a condescending air, and prepared to depart for
Constantinople, for, as he had explained to his victim, there were
several minor points in the concession which were not clear, and which
could only be settled by discussion on the spot.

Therefore he would go to Paris, and take the Orient Express direct to
the Bosphorus.

He had been smoking with Budden-Reynolds from four till five, and then
went out to the American bar for an _aperitif_.

When, however, he returned and ascended to his room to dress for dinner,
he was suddenly startled by a loud knock on the door, and his friend
Budden-Reynolds bustled in.

Facing "The American" suddenly, he said, purple with rage:

"Well, you're about the coolest and most clever thief I've ever met! Do
you know that your confounded Turkish concession isn't worth the paper
it's written upon?"

"What do you mean?" asked Ansell, with an air of injured innocence.

"I mean, sir," cried the speculator, "I mean that you are a thief and a
swindler, and I now intend to call in the police an