“At once he saw the extraordinary value of this discovery. If you could use copper instead of steel you would revolutionize the construction of electrical machinery; copper conduits could be lighter and be self-supporting—in scores of ways the new metal would be worth nearly its weight in gold. He could not work at the thing by himself, so he told his immediate superior, who happened also to be a close personal friend. The two tried some more experiments, and to make a long story short, they discovered that if certain percentages of certain minerals were added to the copper during smelting, it became hard. The minerals were cheap and plentiful, so that practically the new metal could be produced at the old price. This meant, for example, that they could make parts of machines of the new alloy, which would weigh—and therefore cost—only about one-quarter of those of ordinary copper. If they sold these at half or even three-quarters of the old price they would make an extremely handsome profit. But their idea was not to do this, but to sell their discovery to Krupps or some other great firm who, they believed, would pay a million sterling or more for it. “But they knew that they could not do anything with it until after the war unless they were prepared to hand it over to the military authorities for whatever these chose to pay, which would probably be nothing. While they were still considering their course of action both were ordered back to sea. Schulz’s friend was killed almost immediately, Schulz being then the only living possessor of the secret. Panic-stricken lest he too should be killed, he prepared a cipher giving the whole process, and this he sealed in a watertight cover and wore it continuously beneath his clothes. He now proposed to give it to Price, partly in return for what Price had done, and partly in the hope of his wife eventually benefiting. I saw him hand over a small package, and then I got the disappointment of my life, and so, I’m sure, did Price. Schulz was obviously growing weaker and he now spoke with great difficulty. But he made a final effort to go on; ‘The key to the cipher—’ he began and just then the sister came back into the room. Schulz stopped, but before she left he got a weak turn and fell back unconscious. He never spoke again and next day he was dead.” In his absorption Dangle had let his cigar go out, and now he paused to relight it. Cheyne sat, devouring the story with eager interest. He did not for a moment doubt it. It covered too accurately the facts which he already knew. He was keenly curious to hear its end: whether Dangle, having obtained the cipher, had read it, and what was the nature of the proposal the man was about to make.