They had been meeting from time to time for several years, conducting their secret and lawless business according to a formula invented by Bourke and religiously observed by Lanyard. A note or telegram of innocent superficial intent, addressed to a certain member of a leading firm of jewellers in Amsterdam, was the invariable signal for conferences such as this; which were invariably held in the same place, at an hour indeterminate between midnight and dawn, between on the one hand this intelligent, cultivated and well-mannered young Jew, and on the other hand the thief in his mask.

In such wise did the Lone Wolf dispose of his loot, at all events of the bulk thereof; other channels were, of course, open to him, but none so safe; and with no other receiver of stolen goods could he hope to make such fair and profitable deals.

Now inevitably in the course of this long association, though each remained in ignorance of his confederate's identity, these two had come to feel that they knew each other fairly well. Not infrequently, when their business had been transacted, Lanyard would linger an hour with the agent, chatting over cigarettes: both, perhaps, a little thrilled by the piquancy of the situation; for the young Jew was the only man who had ever wittingly met the Lone Wolf face to face….

Why then this sudden awkwardness and embarrassment on the part of the agent?

Lanyard's eyes narrowed with suspicion.

In silence he produced a jewel-case of morocco leather and handed it over to the Jew, then settled back in his chair, his attitude one of lounging, but his mind as quick with distrust as the fingers that, under cover of his cloak, rested close to a pocket containing his automatic.

Accepting the box with a little bow, the Jew pressed the catch and discovered it