letter on the firm's own paper. The manager does not hesitate to say the whole thing is a forgery. I think he is right, Inspector. If we can do anything else for you——"

Merrick hung up the receiver and smiled as if pleased with himself. He turned to his companion, Catesby.

"It's all right," he said. "Is there any way we can get back to London to-night? The whole thing is perfectly plain, now."

Though Merrick returned to London thoroughly satisfied, he knew that the sequel was not just yet. There was much conjuring work to be done before it would be possible to place all the cards on the table. The Christmas holidays had arrived before Merrick obtained a couple of warrants, and, armed with these, he went down to Brighton on Boxing Day, and put up at the Hotel Regina, registering himself as Colonel Beaumont, sometime of the United States Field Forces. Merrick could pose as an authority on Cuba, for on one occasion he had been there for six months on the lookout for a defaulting bank manager. He had made certain changes in his appearance, and just now he bore little resemblance to Inspector Merrick of New Scotland Yard.

The big hotel on the front was full. There was a smart dance that same night, preceded by a children's party and Christmas tree. The house swarmed with young folks, and a good many nationalities were represented. On occasions like these somebody generally takes the lead, and by common consent the part of the chief of the events had been allotted to the Marquis de Branza.

To begin with, he was immensely rich. He had vast estates in Italy. He had been staying at the Regina for the past month, and it was whispered that his bill had reached three figures. He entertained lavishly; he was the soul of hospitality; he was going to buy a palace in Kings' Gardens, and more or less settle down in Brighton.

In addition to all this the Marquis was a handsome man, very fascinating, and a prime favorite with all the boys and girls at the Regina. He had his little peculiarities, of course—for instance, he paid for everything in gold. All his hotel bills were met with current coin.

Merrick had gleaned all this before he had been a day at the Regina. They were quite a happy family, and the Colonel speedily found himself at home. The Marquis welcomed him as if he owned the hotel, and as if everybody was his guest. The dance was a great success, as also were the presents in connection with the cotillon promoted by the Marquis.

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