“Hulloa, Waldron! By Jove! Who’d have dreamt of meeting you here! Why, I thought you were still in Madrid!”

“Jerningham!” gasped the diplomat. “My dear old Jack, how are you?” he cried, grasping his hand warmly.

“Oh, so-so,” replied the other, nonchalantly. “I’ve been travelling about a lot of late. And you?”

“Been on leave up to Wady Haifa, and now on my way back to Madrid.”

“And to the Teatro Real—eh?” added his friend with a sly grin.

“No. She’s in London. An engagement there.”

“And you’re not in London! Why?”

“Can’t get my leave extended, or, you bet, I’d be back in town like a shot. What would I give for a bit dinner at the St. James’s Club and a stroll along Piccadilly.”

“Of course. But how’s the lady?”

“Very well—I believe. I had a wire yesterday telling me of her great success at the Palace. The newspapers are full of her photographs and all that.”

“And all the nuts in town running madly after her—eh? Beatriz likes that.”

Waldron did not reply for a few moments, then, changing the subject, he said:

“Let’s go along to the bar. This crowd is distinctly unpleasant.”

Five minutes later, when the pair were seated in a quiet corner, Waldron asked in a low, confidential tone:

“What’s the latest? I’ve been away from the Embassy for nine weeks.”

“Oh, the political situation remains about the same. I’ve been mostly in Germany and Russia, since I was last in Madrid. I had a rather good scoop about a fortnight ago—bought the designs of the new Krupp aerial gun.”

“By Jove, did you?”

“Yes. It has taken me three months to negotiate, and the fellow who made the deal tried to back out of it at the last moment.”

“Traitors always do,” remarked the diplomat.

“Yes,” admitted the British secret-service agent, as Jack Jerningham actually was. “They usually 

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