"My dear Lady Dredlinton," he declared, "this is charming of you! I had really given up hoping that you would ever honour us with your presence." "You can chuck all that, Phipps," Dredlinton interrupted curtly. "My wife hasn't come here to bandy civilities. What do you want, madam?" he demanded, moving a step nearer to her. She held a slip of paper in her hand and unfolded it before their eyes. "My husband," she said, "has justly surmised that I have not come here in any spirit of friendliness, I have come to let Mr. Wingate know the contents of this cable, which arrived soon after my husband left the house this morning. The message was in code, but, as Mr. Wingate's name appeared, I have taken the trouble to transcribe it." "That's more than you could do, my lady," Dredlinton snarled. "I can assure you that you are mistaken," was the calm reply. "You forget that you were not quite yourself last night, and that you left the B. & I. code book on the study table. Please listen, Mr. Wingate." All the apparent good humour had faded from Phipps' face. He struck the table with his fist. "Dredlinton," he insisted, "you must use your authority. That message is a private one. It must not be read." Wingate moved to Josephine's side. "Must not?" he repeated under his breath. "It is a private message from a correspondent in New York, who is a personal friend of Lord Dredlinton's," Phipps declared. "It is of no concern to any one except ourselves. Dredlinton, you must make your wife understand--" "Understand?" Dredlinton broke in. "Give me that message, madam." He snatched at it. Wingate leaned over and swung him on one side. For a single moment Phipps, too, seemed about to attempt force. Then, with an ugly little laugh, he recovered himself. "My dear Lady Dredlinton, let me reason with you," he begged. "On this occasion Mr. Wingate is in opposition to our interests, your husband's and mine. You cannot--" "Let Lady Dredlinton read the cable," Wingate interposed. It was done before any further interference was possible. Wingate stood at her side, grim and threatening. The words had left her lips before either of the other men could shout her down. "It is a night message from New York," she said. "Listen: 'Confirm eleven steamers Universal Line withdrawn Japan trade loading secretly huge wheat cargo for Liverpool. Confirm John Wingate, Milan Court, holds controlling influence. Advise buy his shares any price.'" There was a moment's intense silence. Dredlinton opened his lips and closed them again. Phipps was exhibiting remarkable self-control. His tone, as he addressed Wingate, was grave but almost natural. "Under these circumstances, do you wish to repudiate your bargain?" he asked. "We must at least know where we are." Wingate turned to Josephine.