His laugh was hollow, and would not have deceived a child of ten. "So you invested L40,000----" began McNorton. "Forty thousand!" gasped Mr. White, "how did you know?" He went a trifle paler. "These things get about," said McNorton, "as I was going to say, you invested L40,000 without troubling to discover what sort of work the syndicate was undertaking. I am not speaking now as a police officer, Mr. White," he went on, and White did not disguise his relief, "but as an old acquaintance of yours." "Say friend," said the fervent Mr. White. "I have always regarded you, Mr. McNorton, as a friend of mine. Let me see, how long have we known one another? I think the first time we met was when Punsonby's was burgled in '93." "It's a long time," said McNorton; "but don't let us get off the subject of your investment, which interests me as a friend. You gave Doctor van Heerden all this money without even troubling to discover whether his enterprise was a legal one. I am not suggesting it was illegal," he said, as White opened his mouth to protest, "but it seems strange that you did not trouble to inquire." "Oh, of course, I inquired, naturally I inquired, Mr. McNorton," said White eagerly, "it was for some chemical process and I know nothing about chemistry. I don't mind admitting to you," he lowered his voice, though there was no necessity, "that I regret my investment very much. We business men have many calls. We cannot allow our money to be tied up for too long a time, and it happens--ah--that just at this moment I should be very glad, very glad indeed, to liquidate that investment." McNorton nodded. He knew a great deal more about White's financial embarrassments than that gentleman gave him credit for. He knew, for example, that the immaculate managing director of Punsonby's was in the hands of moneylenders, and that those moneylenders were squeezing him. He suspected that all was not well with Punsonby's. There had been curious rumours in the City amongst the bill discounters that Punsonby's "paper" left much to be desired. "Do you know the nationality of van Heerden?" he asked. "Dutch," replied Mr. White promptly. "Are you sure of this?" "I would stake my life on it," answered the heroic Mr. White. "As I came through to your office I saw a young lady at the cashier's desk--Miss Glaum, I think her name is. Is she Dutch, too?" "Miss Glaum--ah--well Miss Glaum." White hesitated. "A very nice, industrious girl, and a friend of Doctor van Heerden's. As a matter of fact, I engaged her at his recommendation. You see, I was under an obligation to the doctor. He had--ah--attended me in my illness." That this was untrue McNorton knew. White was one of those financial shuttlecocks which shrewd moneylenders toss from one to the other. White had been introduced by van Heerden to capital in a moment of hectic despair and had responded when his financial horizon was clearer by pledging his credit for the furtherance of van Heerden's scheme.