The particulars are as follows:

"Having no more champagne of the vintage last sent to you, we made arrangements to credit your firm to the value of six cases, as suggested by yourself. On taking this step, certain forms observed in our mode of doing business necessitated a reference to our bankers' book, as well as to our ledger. The result is a moral certainty that no such remittance as you mention can have reached our house, and a literal certainty that no such remittance has been paid to our account at the bank.

"It is needless, at this stage of the proceedings, to trouble you with details. The money has unquestionably been stolen in the course of its transit from you to us. Certain peculiarities which we observe, relating to the manner in which the fraud has been perpetrated, lead us to conclude that the thief may have calculated on being able to pay the missing sum to our bankers, before an inevitable discovery followed the annual striking of our balance. This would not have happened, in the usual course, for another three months. During that period, but for your letter, we might have remained perfectly unconscious of the robbery that has been committed.

"We mention this last circumstance, as it may help to show you that we have to do, in this case, with no ordinary thief. Thus far we have not even a suspicion of who that thief is. But we believe you will assist us in making some advance towards discovery, by examining the receipt (forged, of course) which has no doubt purported to come to you from our house. Be pleased to look and see whether it is a receipt entirely in manuscript, or whether it is a numbered and printed form which merely requires the filling in of the amount. The settlement of this apparently trivial question is, we assure you, a matter of vital importance. Anxiously awaiting your reply, we remain, with high esteem and consideration,

"DEFRESNIER & CIE."

Vendale had the letter on his desk, and waited a moment to steady his mind under the shock that had fallen on it. At the time of all others when it was most important to him to increase the value of his business, that business was threatened with a loss of five hundred pounds. He thought of Marguerite, as he took the key from his pocket and opened the iron chamber in the wall in which the books and papers of the firm were kept.

He was still in the chamber, searching for the forged receipt, when he was startled by a voice speaking close behind him.

"A thousand pardons," said the voice; "I am afraid I disturb you."

He turned, and found himself face to face with Marguerite's guardian.

"I have called," pursued Obenreizer, "to know if I can be of any use. Business of my own takes me away for some days to Manchester and Liverpool. Can I combine any business of yours with it? I am entirely at your disposal, in the character of commercial traveller for the firm of Wilding and Co."

"Excuse me for one moment," said Vendale; "I will speak to you directly." He turned round again, and continued his search among the papers. "You come at a time when friendly offers are more than usually precious to me," he resumed. "I have had very bad news this morning from Neuchatel."

"Bad news," exclaimed Obenreizer. "From Defresnier and Company?"

"Yes. A remittance we sent to them has been stolen. I am threatened with a loss of five hundred pounds. What's that?"

Turning sharply, and looking into the room for the second time, Vendale discovered his envelope case overthrown on the floor, and Obenreizer on his knees picking up the contents.

"All my awkwardness," said Obenreizer. "This dreadful news of yours startled me; I stepped back--" He became too deeply interested in collecting the scattered envelopes to finish the sentence.

"Don't trouble yourself," said Vendale. "The clerk will pick the things up."

"This dreadful news!" repeated Obenreizer, persisting in collecting the envelopes. "This dreadful news!"

"If you will read the letter," said Vendale, "you will find I have exaggerated nothing. There it is, open on my desk."

He resumed his search, and in a moment more discovered the forged receipt. It was on the numbered and printed form, described by the Swiss firm. Vendale made a memorandum of the number and the date. Having replaced the receipt and locked up the iron chamber, he had leisure to notice Obenreizer, reading the letter in the recess of a window at the far end of the room.

"Come to the fire," said Vendale. "You look perished with the cold out there. I will ring for some more coals."

Obenreizer rose, and came slowly back to the desk. "Marguerite will be as sorry to hear of this as I am," he said, kindly. "What do you mean to do?"

"I am in the hands of Defresnier and Company," answered Vendale. "In my total ignorance of the circumstances, I can only do what they recommend. The receipt which I have just found, turns out to be the numbered and printed form. They seem to attach some special importance to its discovery. You have had experience, when you were in the Swiss house, of their way of doing business. Can you guess what object they have in view?"

Obenreizer offered a suggestion.

"Suppose I examine the receipt?" he said.

"Are you ill?" asked Vendale, startled by the change in his face, which now showed itself plainly for the first time. "Pray go to the fire. You seem to be shivering--I hope you are not going to be ill?"

"Not I!" said Obenreizer. "Perhaps I have caught cold. Your English climate might have spared an admirer of your English institutions. Let me look at the receipt."

Vendale opened the iron chamber. Obenreizer took a chair, and drew it close to the fire. He held both hands over the flames. "Let me look at the receipt," he repeated, eagerly, as Vendale reappeared with the paper in his hand. At the same moment a porter entered the room with a fresh supply of coals. Vendale told him to make a good fire. The man obeyed the order with a disastrous alacrity. As he stepped forward and raised the scuttle, his foot caught in a fold of the rug, and he discharged his entire cargo of coals into the grate. The result was an instant smothering of the flame, and the production of a stream of yellow smoke, without a visible morsel of fire to account for it.

"Imbecile!" whispered Obenreizer to himself, with a look at the man which the man remembered for many a long day afterwards.

"Will you come into the clerks' room?" asked Vendale. "They have a stove there."

"No, no. No matter."

Vendale handed him the receipt. Obenreizer's interest in examining it appeared to have been quenched as suddenly and as effectually as the fire itself. He just glanced over the document, and said, "No; I don't understand it! I am sorry to be of no use."

"I will write to Neuchatel by to-night's post," said Vendale, putting away the receipt for the second time. "We must wait, and see what comes of it."

"By to-night's post," repeated Obenreizer. "Let me see. You will get the answer in eight or nine days' time.