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denly,as if exhausted with the violence of his passion. Only his eyes still gleamed with the smouldering madness of his soul.

Hugh looked at him with genuine curiosity; it was the first time he had actually met one of these wild visionaries in the flesh. And then the curiosity was succeeded by a very definite amazement; what had Peterson to do with such as he?

He glanced casually at his principal enemy, but his face showed nothing. He was quietly turning over some papers; his cigar glowed as evenly as ever. He seemed to be no whit surprised by the unkempt one's outburst: in fact, it appeared to be quite in order. And once again Hugh stared at the man on the sofa with puzzled eyes.

For the moment his own deadly risk was forgotten; a growing excitement filled his mind. Could it be possible that here, at last, was the real object of the gang; could it be possible that Peterson was organising a deliberate plot to try and Bolshevise England? If so, where did the Duchess of Lampshire's pearls come in? What of the American, Hiram Potts? Above all, what did Peterson hope to make out of it himself? And it was as he arrived at that point in his deliberation that he looked up to find Peterson regarding him with a faint smile.

"It is a little difficult to understand, isn't it, Captain Drummond?" he said, carefully flicking the ash off his cigar. "I told you you'd find yourself in deep water." Then he resumed the contemplation of the papers in front of him, as the Russian burst out again.