'There is another chance,' George suggested. 'One has heard of robberies effected with the view of blackmail afterwards. Suppose we were to get a letter offering the whole to be returned for a certain sum.' 'No--no. It is now four months since the thing was done. They have sold out the stock and disappeared--gone to America, as you suggested. Why, the things may have been sold a dozen times over in the interval. That is the danger. Suppose they _have_ been sold a dozen times over. Consider. Here is a share in the Great Western. I transfer it from A to B. Very good. The share now belongs to B, and stands in his name whether honestly come by or not. B sends it to another broker, who sells it to C. He, again, to D. Every transaction is right and in form except the first. You can trace the share from owner to owner. B has vanished. A says to C: "You bought that share of a thief." C says: "Very sorry. How was I to know? D has got it now." D says that it is his, and he will stick to it. We go to law about the share. What is going to happen? Upon my word, I don't know. Well--but this is only conjecture. Let me first find out what has become of the shares. Of course there is a record, to which I have only to refer. I will let you know by to-morrow morning, if I can.' When Mr. Ellis was gone, George began to sum up, for the clearing of his own mind, the ascertained facts of the case, so far as they had got. 'First,' he said, 'the letters to Ellis and Northcote were written on our headed paper. Clearly, therefore, the writer must have had access to the office. Next, he knew and could copy your handwriting. Third, he was able to intercept the delivery of letters, and to prevent your getting any he wished to stop, because the correspondence was conducted openly through the post. That seems to be a very important point. Fourth, the letters were all, apparently, in your handwriting, very skilfully imitated, instead of being dictated and then signed. Fifth, he must at least have known of the last forgery, or how did he arrive at the name of Edmund Gray?' And was it out of devilry and mockery, because that forgery escaped detection, that he used the name again? Sixth, he must have had access to the safe where the cheque-book (as well as the certificates) was kept. Seventh, he must have known the office pretty well, or how did he find out the names of your brokers? Eighth, the handwriting appeared to be exactly the same as that of the former forgery.' 'It is the same as last time,' said Checkley. 'That forgery was done in the office, if ever a thing was done here. Same with this--same with this. Well--time will show. Same with this.' He glared from under his great eyebrows at the young partner, as if he suspected that the young gentleman could throw some light upon that mystery if he wished.