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attention, saw that his fingers trembled a little. He made no remark, and the silence was next broken by Joseph Chestermarke's soft accents.

      "Did Horbury give your lordship any receipt, or acknowledgment that he had received these jewels on deposit?" he asked. "I mean, of course, in our name?"

      The Earl twisted sharply in his chair, and Neale fancied that he saw a shade of annoyance pass over his good-natured face.

      "Certainly not!" he answered. "I should never have dreamt of asking for a receipt from a man whom I knew as well as I knew—or thought I knew—Horbury. The whole thing was just as if—well, as if I should ask any friend to take care of something for me for a while."

      "Did Horbury know what you were giving him?" asked Joseph.

      "Of course!" replied the Earl. "As a matter of fact, he'd never seen these things, and I took them out of their case and showed them to him."

      "And he said he would lock them up?—in our strong room?" suggested the soft voice.

      "He said nothing about your strong room," answered the Earl. "Nor about where he'd put them. That was understood. It was understood—a tacit understanding—that he'd take care of them until our return."

      "Did your lordship give him the date of your return?" persisted Joseph, with the thorough-going air of a cross-examiner.

      "Yes—I told him exactly when we should be back," replied the Earl. "The twelfth of May—day before yesterday."

      Joseph moved away from the sideboard towards the hearth, and leaning against the mantelpiece threw a glance at the strong room.

      "The jewels are not in our possession," he said, half indolently. "There is nothing of that sort in there. There are two safes in the outer room of the bank—I should say that Mr. Neale here knows everything that is in them. Do you know anything of these jewels, Neale?"

      "Nothing!" said Neale. "I never heard of them."

      Gabriel looked up from his papers.

      "None of us have heard of them," he remarked. "Horbury could not have put them in this strong room without my knowledge. They are certainly not there. The safes my nephew mentioned just now are used only for books and papers. Your lordship's casket is not in either."

      The Earl rose slowly from his chair. It was evident to Neale that he was more surprised than angry: he looked around him as a man looks whose understanding is suddenly brought up against something unexplainable.

      "All I know is that I handed that casket to Mr. Horbury in his own dining-room one evening some weeks ago," he said. "That's certain! So I naturally expect to find it—here."

      "And it is not here—that is equally certain," observed Gabriel. "What is also certain is that our manager—trusted in more than he should have been!—is missing, and many of our valuable securities with him. Therefore——"

      He spread his hands again with an expressive gesture and once more bent over his papers. Once more there was silence. Then the Earl started—as if a thought had suddenly occurred to him.

      "I say!" he exclaimed, "don't you think Horbury may have put those jewels away in his own house?"

      Joseph Chestermarke smiled a little derisively.

      "A hundred thousand pounds' worth!" he said softly. "Not very likely!"

      "But he may have a safe there," urged the Earl. "Most people have a safe in their houses nowadays—they're so handy, you know, and so cheap. Don't you think that may be it?"

      "I am not familiar with Horbury's domestic arrangements," said Gabriel. "I have not been in his house for some years. But as we are desirous of giving your lordship what assistance we can, we will go into the house and see if there is anything of the sort. Just tell the housekeeper we are coming in, Neale."

      The Earl nodded to Mrs. Carswell as she received him and the two partners in the adjacent hall.

      "This lady will remember my calling on Mr. Horbury one evening a few weeks ago," he said. "She saw me with him in that room."

      "Certainly!" assented Mrs. Carswell, readily enough. "I remember your lordship calling on Mr. Horbury very well. One night after dinner—your lordship was here an hour or so."

      Gabriel Chestermarke opened the door of the dining-room—an old-fashioned apartment which looked out on a garden and orchard at the rear of the house.

      "Mrs. Carswell," he said, as they all went in, "has Mr. Horbury a safe in this room, or in any other room? You know what I mean."

      But the housekeeper shook her head. There was no safe in the house. There was a plate-chest—there it was, standing in a recess by the sideboard; she had the key of it.

      "Open that, at any rate," commanded Gabriel. "It's about as unlikely as anything could be, but we'll leave nothing undone."

      There was nothing in the plate-chest but what Gabriel expected to find there. He turned again to the housekeeper.

      "Is there anything in this house—cupboard, chest, trunk, anything—in which Mr. Horbury kept valuables?" he asked. "Any place in which he was in the habit of locking up papers, for instance?"

      Mrs. Carswell again shook her head. No, she knew of no such place or receptacle. There was Mr. Horbury's desk, but she believed all its drawers were open. Her belief proved to be correct: Gabriel himself opened drawer after drawer, and revealed nothing of consequence. He turned to the Earl with another expressive spreading out of his hands.

      "I don't see what more we can do to assist your lordship," he said. "I don't know what more can be done."

      "The question is—so it seems to me—what is to be done," replied the Earl, whose face had been gradually growing graver. "What, for instance, are you going to do, Mr. Chestermarke? Let us be plain with each other. You disclaim all liability in connection with my affair?"

      "Most certainly!" exclaimed Gabriel. "We know nothing of that transaction. As I have already said, if Horbury took charge of your lordship's property, he did so as a private individual, not on our behalf, not in his capacity as our manager. If your lordship had been a customer of ours——"

      "That would have been a very different matter," said Joseph. "But as we have never had any dealings with your lordship——"

      "We have, of course, no liability to you," concluded Gabriel. "The true position of the case is that your lordship handed your property to Horbury as a friend, not as manager of Chestermarke's Bank."

      "Then let me ask you, what are you going to do?" said the Earl. "I mean, not about my affair, but about finding your manager?"

      Gabriel looked at his nephew: Joseph shook his head.

      "So far," said Joseph, "we have not quite considered that. We are not yet fully aware of how things stand. We have a pretty good idea, but it will take another day."

      "You don't mean to tell me that you're going to let another day elapse before doing something?" exclaimed the Earl. "Bless my soul!—I'd have had the hue and cry out before noon today, if I'd been you!"

      "If you'd been Chestermarke's Bank, my lord," remarked Joseph, in his softest manner, "that's precisely what you would not have done. We don't want it noised all over the town and neighbourhood that our trusted manager has suddenly run away with our money—and your jewels—in his pocket."

      There was a curious note—half-sneering, half-sinister—in the junior partner's quiet voice which made the Earl turn and look at him with a sudden new interest. Before either could speak, Neale ventured to say what he had been wanting to say for half an hour.

      "May I suggest something, sir?" he said, turning to Gabriel.

      "Speak—speak!" assented Gabriel hastily. "Anything you like!"

      "Mr. Horbury may have met with an accident," said Neale. "He was fond of taking his walks in lonely

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