Could the discrepancies, French wondered, represent broker’s commission, stamp duties or tax of some kind? To make sure of this would, he thought, be a tedious business, involving research through the books of a considerable number of the companies concerned. He was rather ignorant of the business of stockbroking, and he had no idea of the scale of the brokers’ fees nor how these were paid. He thought, however, that if in the case of, say, six companies, a note were made of the names of those concerned with all transactions of amounts approximating to those mentioned in Mrs. Vane’s letter, and if the same broker, seller, or purchaser occurred in the deals of each company, he would be justified in assuming that person had some connection with Mrs. Vane. It was somewhat complicated as well as unpleasantly vague, but it did at least represent a clue. French decided he would get on with it, though exactly how he did not see. After some thought he decided he would put his problem before a stockbroker friend of his own. George Hewett was junior partner of a small firm with offices in Norfolk Street off the Strand, and French, having made an appointment for fifteen minutes later, put the list in his pocket and set off to walk along the Embankment. His friend greeted him as a long-lost brother, and after lighting up cigars, they discussed old times as well as the testamentary affairs of one Bolsover, deceased, which had involved a Chancery action in which Hewett had given evidence. That subject exhausted, French turned to his immediate business. He handed his list to the other, and telling his story, ended up by asking for an expert opinion on the whole affair. The stockbroker took the paper and glanced rapidly down it; then he began to reread it more slowly. French sat watching him, puffing the while at his cigar. Finally the other made his pronouncement. “Hanged if I know, French. It is evidently a statement of some one’s dealings in the money market, but it’s not in the form a professional man would use. In fact, I never saw anything quite like it before.” “Yes?” French prompted. “In what way is it different from what you’re accustomed to?” Hewett shrugged his shoulders. “I suppose if I said in every way, I shouldn’t be far wrong. First place, there are no dates for the transactions. Of course if the statement was only intended to show the net result of the deals the dates wouldn’t so much matter, but a stockbroker would have put them in. Then it’s impossible to get at any idea back of the sales. You see here that 4% War Loan was sold and 5% War Loan was bought; Great Westerns were sold and North-Easterns bought, while Australian 6% was sold and British East Africa 6% bought. These stocks are all pretty much the same in value, and there was nothing to be gained by selling one and buying another. Same way no sensible man would sell Alliance Assurance and buy Amalgamated Oils. You get what I mean?”