ad not seen signs of a cellar, but if this
surmise was correct it was not likely they would.

At first sight this theory seemed a real advance, but a little further
thought showed it had serious objections. Firstly, it did not explain
Coburn's nightly visits. If the manager had spent some hours in the
works it might have indicated the working of a press, but what in that
way could be done in fifteen minutes? Further, and this seemed to put
the idea quite out of court, if the notes were being produced at the
clearing, why the changing of the lorry numbers? That would then be a
part of the business quite unconnected with the illicit traffic. After
much thought, Merriman had to admit to himself that here was one more of
the series of insoluble puzzles with which they found themselves faced.

The next night was Friday, and in accordance with the arrangement
made with Mr. Coburn, Merriman once again went out to the clearing,
presenting himself at the works door at two in the morning. Mr. Coburn
at once opened to his knock, and after locking the door, led the way to
his office. There he wasted no time in preliminaries.

"I've thought this over, Merriman," he said, and his manner was very
different from that of the previous interview, "and I'm bound to say
that I've realized that, though interested, your action towards me has
been correct not to say generous. Now I've made up my mind what to do,
and I trust you will see your way to fall in with my ideas. There is a
meeting of the syndicate on Thursday week. I should have been present
in any case, and I have decided that, whatever may be the result, I will
tell them I am going to break with them. I will give ill-health as my
reason for this step, and fortunately or unfortunately I can do this
with truth, as my heart is seriously diseased. I can easily provide the
necessary doctor's certificates. If they accept my resignation, well
and good--I will emigrate to my brother in South America, and you and
Madeleine can be married. If they decline, well"--Mr. Coburn shrugged
his shoulders--"your embarrassment will be otherwise removed."

He paused. Merriman would have spoken, but Mr. Coburn held up his hand
for silence and went on:

"I confess I have been terribly upset for the last three days to
discover my wisest course, and even now I am far from certain that my
decision is best. I do not want to go back on my former friends, and on
account of Madeleine I cannot go back on you.