peaceful and safe, it is sometimes the time to pause and
consider. We are at that spot at the present moment. You have been
lucky, in your way, Ronnie. Three times, whilst fighting for England,
you have managed to penetrate the German lines and receive from them
communications of the greatest importance. Since your return home you
have been of use in various ways. This last business in Norfolk will
not be forgotten. Then take my case. What Germany knows of our financial
position, our strength and our weakness, is due to me. That Germany is
at the present time holding forty millions of money belonging to the
city of London, is also owing to me. In a dozen other ways my influence
has been felt. As I told you before, we have both, in our way,
been successful, but we have reached the absolute limit of our
effectiveness."

"What does that mean?" Granet asked.

"It means this," Sir Alfred explained. "When this war was started,
I, with every fact and circumstance before me, with more information,
perhaps, than any other man breathing, predicted peace within three
months. I was wrong. Germany to-day is great and unconquered, but
Germany has lost her opportunity. This may be a war of attrition,
or even now the unexpected may come, but to all effects and purposes
Germany is beaten."

"Do you mean this?" Granet exclaimed incredulously.

"Absolutely," his uncle assured him. "Remember that I know more than you
do. There is a new and imminent danger facing the dual alliance. What it
is you will learn soon enough. The war may drag on for many months but
the chances of the great German triumph we have dreamed of, have passed.
They know it as well as we do. I have seen the writing on the wall for
months. To-day I have concluded all my arrangements. I have broken off
all negotiations with Berlin. They recognise the authority and they
absolve me. They know that it will be well to have a friend here when
the time comes for drawing up the pact."

Granet gripped the sides of his chair with his hand. It seemed to him
impossible that with these few commonplace words the fate of all Europe
was being pronounced.

"Do you mean that Germany will be crushed?" he demanded.

Sir Alfred shook his head.

"I still believe that impossible," he said, "but the peace of exhaustion
will come, and come surely, before many months have passed. It is time
for us to think of ourselves. So far as I am concerned, well, there is
that one censored letter--