"Sit down," said Will, "and let's have it out. Give me the details." "That's exactly what I wish to do. Of course I haven't been to bed, and I've spent the night in writing out a statement of all my dealings for the past fifteen months. Here it is--and here are my pass-books." Will took the paper, a half-sheet of foolscap, one side almost covered with figures. At a glance he saw that the statement was perfectly intelligible. The perusal of a few lines caused him to look up in astonishment. "You mean to say that between last September and the end of the year you lost twenty-five thousand pounds?" "I did." "And you mean to say that you still went on with your gambling?" "Things were getting bad in Ailie Street, you know." "And you did your best to make them desperate." Sherwood's head seemed trying to bury itself between his shoulders; his feet hid themselves under the chair, he held his hat in a way suggestive of the man who comes to beg. "The devil of the City got hold of me," he replied, with a miserable attempt to look Warburton in the face. "Yes," said Will, "that's clear. Then, a month ago, you really possessed only nine thousand pounds?" "That was all I had left, out of nearly forty thousand." "What astonishes me is, that you won from time to time." "I did!" exclaimed Godfrey, with sudden animation. "Look at the fifth of February--that was a great day! It's that kind of thing that tempts a man on. Afterwards I lost steadily but I might have won any day. And I had to make a good deal, if we were to come to terms with Applegarth. I nearly did it. I was as cautious as a man could be--content with small things. If only I hadn't been pressed for time! It was only the want of time that made me use your money. Of course, it was criminal. Don't think I wish to excuse myself for one moment. Absolutely criminal. I knew what was at stake. But I thought the thing was sure. It promised at the least twenty-five per cent. We should have started brilliantly at Bristol--several thousands for advertisement, beyond our estimate. I don't think the Biggles people were dishonest--" "You don't _think_ so!" interrupted Will, contemptuously. "If there's any doubt we know on which side it weighs. Just tell me the facts. What was the security?" Sherwood replied with a brief, clear, and obviously honest account of the speculation into which he had been drawn. To the listener it seemed astounding that any responsible man should be lured by such gambler's chance; he could hardly find patience to point out the manifest risks so desperately incurred. And Sherwood admitted the full extent of his folly; he could only repeat that he had acted on an irresistible impulse, to be explained, though not defended, by the embarrassment in which he found himself.