to decline to arrange the very large advance—£60,000—for which Woodman had asked. A hint would be enough to tell him how he ought to act. Sir John ended with a repetition of his condolences, and expressed the hope, that, when Sir Vernon was well enough, their old friendship might be renewed. Joan read the letter right through with a feeling of bewilderment. What could it all mean? Were her stepfather and Carter Woodman really acting in collusion in an attempt to raise money in anticipation of Sir Vernon’s death? And, if they were, what light did their extraordinary proceeding throw on the murders? The letter gave Joan a good deal to think about. The information which Woodman had given to Sir John Bunnery might, of course, be technically correct. She realised that, under the existing will, Walter Brooklyn was, now that the two persons who had stood in his way had been removed, the principal beneficiary. But he had become so entirely by an accident, which was certainly no part of the testator’s intention, and his chance of remaining so depended entirely on Sir Vernon’s not making a new will in some one else’s favour. Woodman, of course, might have a good reason for thinking that he would not do that, even if he were able; but Joan doubted this, and was more inclined to believe that he was relying on Sir Vernon’s speedy death without making a new will. Walter had, in any case, only become the heir after the murders. That was but a few days ago; and he and Woodman had, Joan reflected, certainly been quite extraordinarily prompt in trying to take advantage of the new position. Either they must be in some terrible financial difficulty, or they must fear the making of a new will, and hope to raise the money before this could come about. What surprised Joan far more were the statements that Walter had made Carter Woodman his heir. She knew well that Walter had no love for Woodman; and she at once realised that he could only have taken such a step in return for a pecuniary consideration. There was obviously, in Woodman’s application to Sir John Bunnery, evidence of a very unpleasant bargain. The whole letter made Joan very angry indeed. In any case the receipt of the letter could not but considerably strengthen Joan’s suspicions of Carter Woodman. “Of course,” she said to herself, “he hoped to raise this money without our hearing anything about it.” And she could not help feeling that it looked very much as if he had deliberately planned the whole thing in order to lay hands on the money.