In his private sanctum Capperton with skillful fingers fixed a moustache and side whiskers to his lean and mobile face. His daughter handed him a soft hat and a Gladstone bag, and he was transformed before her eyes into a commercial traveller. CHAPTER V. Raymond Bluetherski paced the deck of a Channel steamer, deeply absorbed in the fateful despatches. Suddenly he turned smartly on his heels. He was face to face with Capperton, disguised as a commercial traveller. Accustomed to such emergencies his mind was made up in an instant. Rolling the papers into a ball, he hurled them into the mouth of a large ventilator which stood near. Unhesitatingly the detective threw himself into the ventilator and disappeared head first. With a cry of baffled rage Bluetherski followed. CHAPTER VI. In the bows of the same steamer stood Madge Capperton and Clement Carmichael, gazing anxiously before them. Her fingers tightened on his arm. Their faces took on an expression of horror and despair. A huge liner was bearing directly down upon them! CHAPTER VII. In the treacherous waters of the English Channel the brilliant young Foreign Secretary supported Madge Capperton with one arm, while with the other he swam strongly towards the only floating object in view. As they drew near he perceived that it was a large ship's ventilator. It was sinking fast, and from its mouth protruded the heads of two men engaged in a life-and-death struggle. They were Capperton and Bluetherski. With a cry of encouragement Carmichael redoubled his efforts. CHAPTER VIII. A ship's lifeboat, propelled by strong and willing arms, travelled swiftly across the sea. Presently a shout went up from the man in the bow. Four figures were seen struggling frantically in the water, and the rowers bent themselves with renewed energy to their oars. CHAPTER IX. On board the liner which had been responsible both for the collision and the rescue, Raymond Bluetherski, a sinister figure, was seen to leave his cabin and disappear down the corridor. An instant later Carmichael and Capperton entered stealthily. With quick cat-like movements the detective pushed open the door and tip-toed into the cabin. Carmichael waited outside in an attitude of intense watchfulness. As a steward passed down the corridor he assumed a careless expression and lit a cigarette with nonchalant elaboration. Directly the steward had gone the watcher resumed his vigil, every nerve on the alert. CHAPTER X. Inside the cabin the detective hurriedly opened drawers, turned over bed-clothes, tapped partitions and felt in boots. Then with an expression of disappointment he turned to the door. CHAPTER XI. In the corridor the two men stood face to face. "Have you found them?" asked Carmichael hoarsely. "No. They have sunk in the sea!" replied the other. CHAPTER XII. Across the smooth waters of the English Channel a motor-boat moved swiftly. In the bows the Foreign Secretary and the detective gazed earnestly forward.