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night. I had the honour of making Raffles smile.

      "I did think of it, Bunny," said he. "But there's only one crib that we could crack in decency for this money; and our Mr. Shylock's is not the sort of city that Caesar himself would have taken ex itinere. It's a case for the testudo and all the rest of it. You must remember that I've been there, Bunny; at least I've visited his 'moving tent,' if one may jump from an ancient to an 'Ancient and Modern.' And if that was as impregnable as I found it, his permanent citadel must be perched upon the very rock of defence!"

      "You must tell me about that, Raffles," said I, tiring a little of his kaleidoscopic metaphors. Let him be as allusive as he liked when there was no risky work on hand, and I was his lucky and delighted audience till all hours of the night or morning. But for a deed of darkness I wanted fewer fireworks, a steadier light from his intellectual lantern. And yet these were the very moments that inspired his pyrotechnic displays.

      "Oh, I shall tell you all right," said Raffles. "But just now the next few hours are of more importance than the last few weeks. Of course Shylock's the man for our money; but knowing our tribesmen as I do, I think we had better begin by borrowing it like simple Christians."

      "Then we have it to pay back again."

      "And that's the psychological moment for raiding our 'miser's sunless coffers'—if he happens to have any. It will give us time to find out."

      "But he doesn't keep open office all night," I objected.

      "But he opens at nine o'clock in the morning," said Raffles, "to catch the early stockbroker who would rather be bled than hammered."

      "Who told you that?"

      "Our Mrs. Shylock."

      "You must have made great friends with her?"

      "More in pity than for the sake of secrets."

      "But you went where the secrets were?"

      "And she gave them away wholesale."

      "She would," I said, "to you."

      "She told me a lot about the impending libel action."

      "Shylock v. Fact?"

      "Yes; it's coming on before the vacation, you know."

      "So I saw in some paper."

      "But you know what it's all about, Bunny?"

      "No, I don't."

      "Another old rascal, the Maharajah of Hathipur, and his perfectly fabulous debts. It seems he's been in our Mr. Shylock's clutches for years, but instead of taking his pound of flesh he's always increasing the amount. Of course that's the whole duty of money-lenders, but now they say the figure runs well into six. No one has any sympathy with that old heathen; he's said to have been a pal of Nana's before the Mutiny, and in it up to the neck he only saved by turning against his own lot in time; in any case it's the pot and the kettle so far as moral colour is concerned. But I believe it's an actual fact that syndicates have been formed to buy up the black man's debts and take a reasonable interest, only the dirty white man always gets to windward of the syndicate. They're on the point of bringing it off, when old Levy inveigles the nigger into some new Oriental extravagance. Fact has exposed the whole thing, and printed blackmailing letters which Shylock swears are forgeries. That's both their cases in a philippine! The leeches told the Jew he must do his Carlsbad this year before the case came on; and the tremendous amount it's going to cost may account for his dunning old clients the moment he gets back."

      "Then why should he lend to you?"

      "I'm a new client, Bunny; that makes all the difference. Then we were very good pals out there."

      "But you and Mrs. Shylock were better still?"

      "Unbeknowns, Bunny! She used to tell me her troubles when I lent her an arm and took due care to look a martyr; my hunting friend had coarse metaphors about heavy-weights and the knacker's yard."

      "And yet you came away with the poor soul's necklace?"

      Raffles was tapping the chronic cigarette on the table at his elbow; he stood up to light it, as one does stand up to make the dramatic announcements of one's life, and he spoke through the flame of the match as it rose and fell between his puffs.

      "No—Bunny—I did not!"

      "But you told me you won the Emerald Stakes!" I cried, jumping up in my turn.

      "So I did, Bunny, but I gave them back again."

      "You gave yourself away to her, as she'd given him away to you?"

      "Don't be a fool, Bunny," said Raffles, subsiding into his chair. "I can't tell you the whole thing now, but here are the main heads. They're at the Savoy Hotel, in Carlsbad I mean. I go to Pupp's. We meet. They stare. I come out of my British shell as the humble hero of the affair at the other Savoy. I crab my hotel. They swear by theirs. I go to see their rooms. I wait till I can get the very same thing immediately overhead on the second floor—where I can even hear the old swine cursing her from under his mud-poultice! Both suites have balconies that might have been made for me. Need I go on?"

      "I wonder you weren't suspected."

      "There's no end to your capacity for wonder, Bunny. I took some sweet old rags with me on purpose, carefully packed inside a decent suit, and I had the luck to pick up a foul old German cap that some peasant had cast off in the woods. I only meant to leave it on them like a card; as it was—well, I was waiting for the best barber in the place to open his shop next morning."

      "What had happened?"

      "A whole actful of unrehearsed effects; that's why I think twice before taking on old Shylock again. I admire him, Bunny, as a steely foeman. I look forward to another game with him on his own ground. But I must find out the pace of the wicket before I put myself on."

      "I suppose you had tea with them, and all that sort of thing?"

      "Giesh|bler!" said Raffles with a shudder. "But I made it last as long as tea, and thought I had located the little green lamps before I took my leave. There was a japanned despatch box in one corner. 'That's the Emerald Isle,' I thought, 'I'll soon have it out of the sea. The old man won't trust 'em to the old lady after what happened in town,' I needn't tell you I knew they were there somewhere; he made her wear them even at the tragic travesty of a Carlsbad hotel dinner."

      Raffles was forgetting to be laconic now. I believe he had forgotten the lad in the next room, and everything else but the breathless battle that he was fighting over again for my benefit. He told me how he waited for a dark night, and then slid down from his sitting-room balcony to the one below. And my emeralds were not in the japanned box after all; and just as he had assured himself of the fact, the folding-doors opened "as it might be these," and there stood Dan Levy "in a suit of swagger silk pyjamas."

      "They gave me a sudden respect for him," continued Raffles; "it struck me, for the first time, that mud baths mightn't be the only ones he ever took. His face was as evil as ever, but he was utterly unarmed, and I was not; and yet there he stood and abused me like a pickpocket, as if there was no chance of my firing, and he didn't care whether I did or not. So I stuck my revolver nearly in his face, and pulled the hammer up and up. Good God, Bunny, if I had pulled too hard! But that made him blink a bit, and I was jolly glad to let it down again. 'Out with those emeralds,' says I in low German mugged up in case of need. Of course you realise that I was absolutely unrecognisable, a low blackguard with a blackened face. 'I don't know what you mean,' says he, 'and I'm damned if I care.' 'Das halsband, says I, which means the necklace. 'Go to hell,' says he. But I struck myself and shook my head and then my fist at him and nodded. He laughed in my face; and upon my soul we were at a deadlock. So I pointed to the clock and held up one finger. 'I've one minute to live, old girl,' says he through the doors, 'if this rotter has the guts to shoot, and I don't think he has. Why the hell don't you get out the other way and alarm the 'ouse?' And that raised the siege, Bunny. In comes the old woman, as plucky as he was, and shoves the necklace into my left hand. I longed to refuse it. I didn't dare. And the

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