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these letters was written when Smethurst, alias Barker, had spent all the money he had obtained from the crime, and found himself destitute in New York.

      "Kershaw, then in fairly prosperous circumstances, sent him a £10 note for the sake of old times. The second, when the tables had turned, and Kershaw had begun to go downhill, Smethurst, as he then already called himself, sent his whilom friend £50. After that, as Müller gathered, Kershaw had made sundry demands on Smethurst's ever-increasing purse, and had accompanied these demands by various threats, which, considering the distant country in which the millionaire lived, were worse than futile.

      "But now the climax had come, and Kershaw, after a final moment of hesitation, handed over to his German friend the two last letters purporting to have been written by Smethurst, and which, if you remember, played such an important part in the mysterious story of this extraordinary crime. I have a copy of both these letters here," added the man in the corner, as he took out a piece of paper from a very worn-out pocket-book, and, unfolding it very deliberately, he began to read:—

      "'Sir,—Your preposterous demands for money are wholly unwarrantable. I have already helped you quite as much as you deserve. However, for the sake of old times, and because you once helped me when I was in a terrible difficulty, I am willing to once more let you impose upon my good nature. A friend of mine here, a Russian merchant, to whom I have sold my business, starts in a few days for an extended tour to many European and Asiatic ports in his yacht, and has invited me to accompany him as far as England. Being tired of foreign parts, and desirous of seeing the old country once again after thirty years' absence, I have decided to accept his invitation. I don't know when we may actually be in Europe, but I promise you that as soon as we touch a suitable port I will write to you again, making an appointment for you to see me in London. But remember that if your demands are too preposterous I will not for a moment listen to them, and that I am the last man in the world to submit to persistent and unwarrantable blackmail.

        'I am, sir,

            'Yours truly,

                'Francis Smethurst.'

      "The second letter was dated from Southampton," continued the old man in the corner calmly, "and, curiously enough, was the only letter which Kershaw professed to have received from Smethurst of which he had kept the envelope, and which was dated. It was quite brief," he added, referring once more to his piece of paper.

      "'Dear Sir,—Referring to my letter of a few weeks ago, I wish to inform you that the Tsarskoe Selo will touch at Tilbury on Tuesday next, the 10th. I shall land there, and immediately go up to London by the first train I can get. If you like, you may meet me at Fenchurch Street Station, in the first-class waiting-room, in the late afternoon. Since I surmise that after thirty years' absence my face may not be familiar to you, I may as well tell you that you will recognize me by a heavy Astrakhan fur coat, which I shall wear, together with a cap of the same. You may then introduce yourself to me, and I will personally listen to what you may have to say.

          'Yours faithfully,

              'Francis Smethurst.'

      "It was this last letter which had caused William Kershaw's excitement and his wife's tears. In the German's own words, he was walking up and down the room like a wild beast, gesticulating wildly, and muttering sundry exclamations. Mrs. Kershaw, however, was full of apprehension. She mistrusted the man from foreign parts—who, according to her husband's story, had already one crime upon his conscience—who might, she feared, risk another, in order to be rid of a dangerous enemy. Woman-like, she thought the scheme a dishonourable one, for the law, she knew, is severe on the blackmailer.

      "The assignation might be a cunning trap, in any case it was a curious one; why, she argued, did not Smethurst elect to see Kershaw at his hotel the following day? A thousand whys and wherefores made her anxious, but the fat German had been won over by Kershaw's visions of untold gold, held tantalisingly before his eyes. He had lent the necessary £2, with which his friend intended to tidy himself up a bit before he went to meet his friend the millionaire. Half an hour afterwards Kershaw had left his lodgings, and that was the last the unfortunate woman saw of her husband, or Müller, the German, of his friend.

      "Anxiously his wife waited that night, but he did not return; the next day she seems to have spent in making purposeless and futile inquiries about the neighbourhood of Fenchurch Street; and on the 12th she went to Scotland Yard, gave what particulars she knew, and placed in the hands of the police the two letters written by Smethurst."

      CHAPTER II

      A MILLIONAIRE IN THE DOCK

      The man in the corner had finished his glass of milk. His watery blue eyes looked across at Miss Polly Burton's eager little face, from which all traces of severity had now been chased away by an obvious and intense excitement.

      "It was only on the 31st," he resumed after a while, "that a body, decomposed past all recognition, was found by two lightermen in the bottom of a disused barge. She had been moored at one time at the foot of one of those dark flights of steps which lead down between tall warehouses to the river in the East End of London. I have a photograph of the place here," he added, selecting one out of his pocket, and placing it before Polly.

      "The actual barge, you see, had already been removed when I took this snapshot, but you will realize what a perfect place this alley is for the purpose of one man cutting another's throat in comfort, and without fear of detection. The body, as I said, was decomposed beyond all recognition; it had probably been there eleven days, but sundry articles, such as a silver ring and a tie pin, were recognizable, and were identified by Mrs. Kershaw as belonging to her husband.

      "She, of course, was loud in denouncing Smethurst, and the police had no doubt a very strong case against him, for two days after the discovery of the body in the barge, the Siberian millionaire, as he was already popularly called by enterprising interviewers, was arrested in his luxurious suite of rooms at the Hotel Cecil.

      "To confess the truth, at this point I was not a little puzzled. Mrs. Kershaw's story and Smethurst's letters had both found their way into the papers, and following my usual method—mind you, I am only an amateur, I try to reason out a case for the love of the thing—I sought about for a motive for the crime, which the police declared Smethurst had committed. To effectually get rid of a dangerous blackmailer was the generally accepted theory. Well! did it ever strike you how paltry that motive really was?"

      Miss Polly had to confess, however, that it had never struck her in that light.

      "Surely a man who had succeeded in building up an immense fortune by his own individual efforts, was not the sort of fool to believe that he had anything to fear from a man like Kershaw. He must have known that Kershaw held no damning proofs against him—not enough to hang him, anyway. Have you ever seen Smethurst?" he added, as he once more fumbled in his pocket-book.

      Polly replied that she had seen Smethurst's picture in the illustrated papers at the time. Then he added, placing a small photograph before her:

      "What strikes you most about the face?"

      "Well, I think its strange, astonished expression, due to the total absence of eyebrows, and the funny foreign cut of the hair."

      "So close that it almost looks as if it had been shaved. Exactly. That is what struck me most when I elbowed my way into the court that morning and first caught sight of the millionaire in the dock. He was a tall, soldierly-looking man, upright in stature, his face very bronzed and tanned. He wore neither moustache nor beard, his hair was cropped quite close to his head, like a Frenchman's; but, of course, what was so very remarkable about him was that total absence of eyebrows and even eyelashes, which gave the face such a peculiar appearance—as you say, a perpetually astonished look.

      "He seemed, however, wonderfully calm; he had been accommodated with a chair in the dock—being a millionaire—and chatted pleasantly with his lawyer, Sir Arthur Inglewood, in the intervals between the calling of the several witnesses for the prosecution; whilst during the examination of these witnesses he sat quite placidly, with his head shaded by his hand.

      "Müller

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