ing one
of his host's cigars. "The fact of it is that if it were not for me you
would be the one who would have to do the worrying."

Mr. Heseltine-Wrigge stopped short in the act of lighting his cigar.

"I'm not quite catching on," he remarked. "What's the trouble?"

"There is no trouble, fortunately," Peter replied. "Only a little
disappointment for our friends the Count von Hern and Major Kosuth. I
have brought you some information which, I think, will put an end to
that affair of the loan."

Mr. Heseltine-Wrigge sat quite still for a moment. His brows were
knitted; he showed no signs of nervousness.

"Go right on," he said.

"The security upon which you were going to advance a million and a half
to the Turkish Government," Peter continued, "consisted of two
Dreadnoughts and a cruiser, being built to the order of that country by
Messrs. Shepherd and Hargreaves at Belfast."

"Quite right," Mr. Heseltine-Wrigge admitted quietly. "I have been up
and seen the boats. I have seen the shipbuilders, too."

"Did you happen to mention to the latter," Peter inquired, "that you
were advancing money upon those vessels?"

"Certainly not," Mr. Heseltine-Wrigge replied. "Kosuth wouldn't hear of
such a thing. If the papers got wind of it there'd be the devil to pay.
All the same, I have got an assignment from the Turkish Government."

"Not worth the paper it's written on," Peter declared blandly.

Mr. Heseltine-Wrigge rose unsteadily to his feet. He was a strong,
silent man, but there was a queer look about his mouth.

"What the devil do you mean?" he demanded.

"Briefly this," Peter explained. "The first payment, when these ships
were laid down, was made not by Turkey, but by an emissary of the German
Government, who arranged the whole affair in Constantinople. The second
payment was due ten months ago, and not a penny has been paid. Notice
was given to the late Government twice and absolutely ignored. According
to the charter, therefore, these ships reverted to the shipbuilding
company, who retained possession of the first payment as indemnity
against loss. The Count von Hern's position was this. He represents the
German Government. You were to find a million and a half of money, with
the ships as security. You also have a contract from the Count von Hern
to take those ships off your hands provided the interest on the loan
became overdue, a state of affairs which, I can assure you, would have
happened within the next