"Briefly this," Peter explained. "The first payment, when these ships were laid down, was made not by Turkey, but by an emissary of the German Government, who arranged the whole affair in Constantinople. The second payment was due ten months ago, and not a penny has been paid. Notice was given to the late Government twice and absolutely ignored. According to the charter, therefore, these ships reverted to the shipbuilding company, who retained possession of the first payment as indemnity against loss. The Count von Hern's position was this. He represents the German Government. You were to find a million and a half of money, with the ships as security. You also have a contract from the Count von Hern to take those ships off your hands provided the interest on the loan became overdue, a state of affairs which, I can assure you, would have happened within the next twelve months. Practically, therefore, you were made use of as an independent financier to provide the money with which the Turkish Government, broadly speaking, have sold the ships to Germany. You see, according to the charter of the shipbuilding company, these vessels cannot be sold to any foreign Government without the consent of Downing Street. That is the reason why the affair had to be conducted in such a roundabout manner." "All this is beyond me," Mr. Heseltine-Wrigge said hoarsely. "I don't care a d----n who has the ships in the end so long as I get my money!" "But you would not get your money," Peter pointed out, "because there will be no ships. I have had the shrewdest lawyers in the world at work upon the charter, and there is not the slightest doubt that these vessels are, or rather were, the entire property of Messrs. Shepherd and Hargreaves. To-day they belong to me. I have bought them and paid £200,000 deposit. I can show you the receipt and all the papers." Mr. Heseltine-Wrigge said only one word, but that word was profane. "I am sorry, of course, that you have lost the business," Peter concluded; "but surely it's better than losing your money?" Mr. Heseltine-Wrigge struck the table fiercely with his fist. There was a grey and unfamiliar look about his face. "D----n it, the money's gone!" he declared hoarsely: "They changed the day. Kosuth had to go back. I paid it twenty-four hours ago." Peter whistled softly. "If only you had trusted me a little more!" he murmured. "I tried to warn you." Mr. Heseltine-Wrigge snatched up his hat. "They don't leave till the two-twenty," he shouted. "We'll catch them at the Milan. If we don't, I'm ruined! By Heaven, I'm ruined!" They found Major Kosuth in the hall of the hotel. He was wearing a fur coat and otherwise attired for travelling. His luggage was already being piled upon a cab. Mr. Heseltine-Wrigge wasted no words upon him. "You and I have got to have a talk, right here and now," he declared. "Where's the Count?" Major Kosuth frowned gloomily.