Where had Milford obtained his information? How much did he know? While
these thoughts flashed through his brain the soft voice lisped on--

"Certain evidence has reached me which points to Mr. Blum's having
interests in Sweden of a character that immediately, concerns our
investigations. The firm are large holders of shares in a smelting
concern called the Swedenborg Coal and Iron Smelting Company, and there
is also a probability that Messrs. Blum's interests extend in a direction
which, though I am not suggesting disloyalty or illegality, urgently
necessitates inquiry."

Lord Milford sat down. His expression was solemn; it was evident that he
was rather pleased at finding himself for once in the unusual position of
having something to say and saying it. There was a buzz of whispered
conversation round the table, then a sudden hush--the chairman was
addressing the meeting.

For a moment Sir Matthew paused. Once more his eyes took in the room.
Where was the enemy? Just behind him, in his usual place, sat Tarleton at
his table covered with papers. The secretary's face was white and drawn;
he was twisting his small moustache nervously; his eyes were fixed on the
chairman with a half-frightened expression.

Once more Sir Matthew's eyes scanned the faces. Where was the enemy? And
now, at the opposite end of the table, he noticed, for the first time, a
figure almost concealed behind the stout form of Mr. Small. It was Klein.
The two men's eyes met. It was only for a fraction of a moment, but it
was long enough. In the concentrated gaze of the Alsatian there was
neither hatred nor vindictiveness, but only determination. The two