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part of it was hidden by shrubs and brushwood. And from one uncurtained, blindless window the light of a lamp shone boldly into the fading darkness without.

      Breton pulled up on the edge of the crawling stream.

      "We've got to get across there, Spargo," he said. "But as we're already soaked to the knee it doesn't matter about getting another wetting. Have you any idea how long we've been walking?"

      "Hours—days—years!" replied Spargo.

      "I should say quite four hours," said Breton. "In that case, it's well past two o'clock, and the light will be breaking in another hour or so. Now, once across this stream, what shall we do?"

      "What have we come to do? Go to the cottage, of course!"

      "Wait a bit. No need to startle them. By the fact they've got a light, I take it that they're up. Look there!"

      As he spoke, a figure crossed the window passing between it and the light.

      "That's not Elphick, nor yet Cardlestone," said Spargo. "They're medium-heighted men. That's a tallish man."

      "Then it's the man the landlord of the 'Moor Cock' told us about," said Breton. "Now, look here—I know every inch of this place. When we're across let me go up to the cottage, and I'll take an observation through that window and see who's inside. Come on."

      He led Spargo across the stream at a place where a succession of boulders made a natural bridge, and bidding him keep quiet, went up the bank to the cottage. Spargo, watching him, saw him make his way past the shrubs and undergrowth until he came to a great bush which stood between the lighted window and the projecting porch of the cottage. He lingered in the shadow of this bush but for a short moment; then came swiftly and noiselessly back to his companion. His hand fell on Spargo's arm with a clutch of nervous excitement.

      "Spargo!" he whispered. "Who on earth do you think the other man is?"

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      Spargo, almost irritable from desire to get at close grips with the objects of his long journey, shook off Breton's hand with a growl of resentment.

      "And how on earth can I waste time guessing?" he exclaimed. "Who is he?"

      Breton laughed softly.

      "Steady, Spargo, steady!" he said. "It's Myerst—the Safe Deposit man.

       Myerst!"

      Spargo started as if something had bitten him.

      "Myerst!" he almost shouted. "Myerst! Good Lord!—why did I never think of him? Myerst! Then——"

      "I don't know why you should have thought of him," said Breton. "But—he's there."

      Spargo took a step towards the cottage: Breton pulled him back.

      "Wait!" he said. "We've got to discuss this. I'd better tell you what they're doing."

      "What are they doing, then?" demanded Spargo impatiently.

      "Well," answered Breton. "They're going through a quantity of papers. The two old gentlemen look very ill and very miserable. Myerst is evidently laying down the law to them in some fashion or other. I've formed a notion, Spargo."

      "What notion?"

      "Myerst is in possession of whatever secret they have, and he's followed them down here to blackmail them. That's my notion."

      Spargo thought awhile, pacing up and down the river bank.

      "I daresay you're right," he said. "Now, what's to be done?"

      Breton, too, considered matters.

      "I wish," he said at last, "I wish we could get in there and overhear what's going on. But that's impossible—I know that cottage. The only thing we can do is this—we must catch Myerst unawares. He's here for no good. Look here!"

      And reaching round to his hip-pocket Breton drew out a Browning revolver and wagged it in his hand with a smile.

      "That's a useful thing to have, Spargo," he remarked. "I slipped it into my pocket the other day, wondering why on earth I did it. Now it'll come in handy. For anything we know Myerst may be armed."

      "Well?" said Spargo.

      "Come up to the cottage. If things turn out as I think they will, Myerst, when he's got what he wants, will be off. Now, you shall get where I did just now, behind that bush, and I'll station myself in the doorway. You can report to me, and when Myerst comes out I'll cover him. Come on, Spargo; it's beginning to get light already."

      Breton cautiously led the way along the river bank, making use of such cover as the willows and alders afforded. Together, he and Spargo made their way to the front of the cottage. Arrived at the door, Breton posted himself in the porch, motioning to Spargo to creep in behind the bushes and to look through the window. And Spargo noiselessly followed his directions and slightly parting the branches which concealed him looked in through the uncurtained glass.

      The interior into which he looked was rough and comfortless in the extreme. There were the bare accessories of a moorland cottage; rough chairs and tables, plastered walls, a fishing rod or two piled in a corner; some food set out on a side table. At the table in the middle of the floor the three men sat. Cardlestone's face was in the shadow; Myerst had his back to the window; old Elphick bending over the table was laboriously writing with shaking fingers. And Spargo twisted his head round to his companion.

      "Elphick," he said, "is writing a cheque. Myerst has another cheque in his hand. Be ready!—when he gets that second cheque I guess he'll be off."

      Breton smiled grimly and nodded. A moment later Spargo whispered again.

      "Look out, Breton! He's coming."

      Breton drew back into the angle of the porch; Spargo quitted his protecting bush and took the other angle. The door opened. And they heard Myerst's voice, threatening, commanding in tone.

      "Now, remember all I've said! And don't you forget—I've the whip hand of both of you—the whip hand!"

      Then Myerst turned and stepped out into the grey light—to find himself confronted by an athletic young man who held the muzzle of an ugly revolver within two inches of the bridge of his nose and in a remarkably firm and steady grip. Another glance showed him the figure of a second business-like looking young man at his side, whose attitude showed a desire to grapple with him.

      "Good-morning, Mr. Myerst," said Breton with cold and ironic politeness. "We are glad to meet you so unexpectedly. And—I must trouble you to put up your hands. Quick!"

      Myerst made one hurried movement of his right hand towards his hip, but a sudden growl from Breton made him shift it just as quickly above his head, whither the left followed it. Breton laughed softly.

      "That's wise, Mr. Myerst," he said, keeping his revolver steadily pointed at his prisoner's nose. "Discretion will certainly be the better part of your valour on this occasion. Spargo—may I trouble you to see what Mr. Myerst carries in his pockets? Go through them carefully. Not for papers or documents—just now. We can leave that matter—we've plenty of time. See if he's got a weapon of any sort on him, Spargo—that's the important thing."

      Considering that Spargo had never gone through the experience of searching a man before, he made sharp and creditable work of seeing what the prisoner carried. And he forthwith drew out and exhibited a revolver, while Myerst, finding his tongue, cursed them both, heartily and with profusion.

      "Excellent!" said Breton, laughing again. "Sure he's got nothing else on him that's dangerous, Spargo? All right. Now, Mr. Myerst, right about face! Walk into the cottage, hands up, and remember there are two revolvers behind your back. March!"

      Myerst obeyed this peremptory order with more curses. The three walked into the cottage. Breton kept his eye on his captive; Spargo gave a glance at the two old men. Cardlestone,

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