"Well, then," went on Ferdy, rapidly, "the will--so far as I can see and so far as you tell me--does not say anything about the accumulations on the four thousand during the last twenty years." "On two thousand, if you please, Mr. Baird," said Barras, leisurely. "Do not forget that the late Mr. Horran received five hundred for his services--that is annually--and that the rest of two thousand was required for the various items I have mentioned." "I remember," said Ferdy, hastily. "Well, then, the accumulation on two thousand a year for twenty years must be in the bank, or invested, and free from Clarice's control." "No. By the will, Miss Baird would deal with the accumulations, as well as with the income. For the next two years she receives the four thousand a year, and what she does not spend--having full power under both wills--she can let out at interest." "Oh!" said Clarice, quickly. "Then two thousand of our united income was let out at interest by Mr. Horran?" "That I can't tell you, Miss Baird." "But it must have been," insisted Clarice, "for Mr. Clarke--" "My late client certainly allowed him a loan of one thousand pounds some years ago, at ten per cent.," said Barras, politely, "but that is all the loan I know of." "But the rest of the money?" "What money?" asked Jerce, suddenly. "The two thousand a year which Uncle Henry did not spend. Even if nothing was done with it, the amount in twenty years would increase to forty thousand pounds." "And that should be given to me," put in Ferdy, quickly, "seeing that Clarry has the full income." "Half of which is in trust for you, Mr. Baird," said Barras, in his dry way; "but the accumulations, Miss Baird," he added, addressing Clarice, "certainly amount to the sum you mention; and if these monies were let out at the same rate of interest which my late client extorted from Mr. Clarke, the amount in the banks ought to be much greater. Unfortunately"--Mr. Barras stopped and hesitated. "Well?" asked Clarice, impatiently. "Well, the money isn't in the bank. I have all the books of the late Mr. Horran, and all his business papers, but in no instance can I find what he has done with forty thousand pounds, or with possible accumulations." Jerce started up in dismay. "Is this the reason why you asked me if Horran was a scoundrel?" he demanded. "That is the reason," replied Barras, serenely. "I want to know what has become of that money. I think I can guess, however." "You can guess?" repeated Clarice, puzzled. "Yes. You wondered why Mr. Horran was murdered. I answer, for the sum of forty thousand pounds."