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"But my sister—"

"You can write to her, or telephone whenever you like — there is an extension in your bedroom. Naturally you will not tell her what you are doing; but you will doubtless be able to explain your stay easily enough."

"I shall have to match the paper."

"It is already matched." Nordsten indicated the piles of boxes in the corner. "In fact, you have here sheets of the original papers. Many of the inks, also, are those which were used in the original printings. The only things I have been unable to obtain are the original plates; but those, of course, were destroyed. That is why I sent for you. Are you ready to start?"

There was something in his voice which made Simon look at him quietly for a moment; and then he remembered again that he was supposed to be Tim Vickery and swallowed.

"Yes," he said. "I'm ready."

Ivar Nordsten smiled; Hut there was no more softening behind the smile than there had been behind any of the previous infinitesimal movements of his lips.

"Really, it's the only sensible decision," he said genially. "Well, Vickery, I'll leave you to make your preparations. There is a bell beside the fire-place, and it will be answered as soon as you ring. Perhaps you will have dinner with me?"

"Thank you," said the Saint.

When his host had gone, he threw his cigar into the fireplace and lighted a cigarette. Later on he lighted another. For half an hour he wandered about the workshop, stopping sometimes to examine the implements that had been provided for. his use, stopping often to look at the sheaf of specimen bonds which he was asked to copy, with his brows knitted in a straight line of intense thought. And once his hand went to his hip for a reassuring feel of the weight of the automatic which he had not forgotten to put on when he dressed for the occasion; for there had been something in Ivar Nordsten's persuasive voice which told him that no Tim Vickery who refused the offer would have been allowed to take his knowledge of that strange proposition back into the open world.

Nordsten required forgeries of a round dozen government bonds of as many nationalities. Why? Not for any ordinary purpose to which such counterfeits might have been put — the very idea was absurd. What for, then?

He ran over everything he could recall about Nordsten. The name was not on the tip of every tongue, like the names of Rockefeller, or Morgan, but it was a name that was no less famous in other fields of finance; and it was part of Simon Templar's business to have at least a passing knowledge of those fields where millions are dealt with which are outside the limited ken of the average man in the street. Ivar Nordsten reaped in those fields; and the Saint had heard of him.

To the few people whose interests brought them in contact with the less publicized kingdoms of industry, he was known as the Paper King. Starting from one small factory in Sweden, he had built up a chain of production units which controlled practically the whole output of Scandinavia, Germany, Belgium, France, Switzerland, and Holland, until more than half the paper which was consumed in Europe was manufactured under his management. Not long ago he had taken over the most important mills in Austria and Denmark, and penetrated the British industry with an amount of capital which completed a virtual financial monopoly of the most considerable manufacturing and consuming countries in Europe. Not even content with that, he was rumoured to be negotiating for a series of loans and amalgamations which would link up the major concerns of Canada and the United States in the gigantic organization of which he was dictator — an invulnerable world trust that would practically be able to write its own checks on every industry in which paper was used, and which would in a few years lift his already fabulous fortune into astronomical figures. This was the Ivar Nordsten of whom Annette Vickery had never heard; but it is a curious commentary on this civilization that the average man and woman hears of comparatively few of the great financial wizards until those wizards are trying to conjure themselves out of the dock in a criminal court. And this was the Ivar Nordsten who required a convicted forger to counterfeit twelve different series of foreign government bonds.

Simon Templar sat in the armchair and turned the specimen bonds over on his knee; and his second cigarette smouldered down till it scorched his fingers. There was only one possible explanation that he could see, and it made him feel giddy to think of it.

At one o'clock the saturnine butler brought him an excellent cold lunch on a tray and asked him what he would like to drink. Simon suggested a bottle of Liebfraumilch, and it was brought at once.

"Mr. Nordsten told me to ask if you would like a letter posting to your sister," said the man when he returned with the wine.

Simon thought quickly. He would be expected to communicate with his "sister" in some way, but there were obvious reasons why he could not ring up his own house.

"I'll give you a note right away, if you'll wait a sec," he said.

He scribbled a few conventional phrases on a sheet of notepaper that was produced for him, and addressed it to Miss Annette Vickery at an entirely fictitious address in north London.

At half-past two the butler came for the tray, asked him if there was anything else he wanted, and went out again. After a while the Saint strolled over to the drawing board, pinned out one of the certificates on it, covered it with a sheet of tracing paper, and began to pick out a series of lines in the engraving. Beyond that point the mechanics of counterfeiting would stump him, but he thought it wise to produce something to show that he had made a start on his commission. The future would have to take care of itself.

He worked for two hours, and then the saturnine butler brought him tea. The Saint poured out a cup and carried it to the window with a cigarette. He had something else to think of; and that something was the sweltering spleen of Chief Inspector Teal, which by that time could scarcely be very far below the temperature at which its possessor would burst into flame if he scratched himself incautiously. Certainly the rear number plate of the taxi had been unreadable, and no one could have positively identified the eccentric driver with the Saint; but Claud Eustace Teal had seen him and spoken with him in Bond Street only a few minutes before the disastrous events which had followed, and Simon was only too familiar with the suspicious and uncharitable grooves in which Mr. Teal's mind locomoted along its orbit. That would provide an additional complication which had been ordained from the beginning, but the Saint could see no way of avoiding it.

It was rather stuffy in the workshop, and the panorama of cool greenery which he could see from the window was immensely inviting. The Saint felt an overpowering desire to stretch his legs and take his problems out for a saunter in the fresh air; and he did not see how Ivar Nordsten could object. He went to the outer door of the suite; and then, as he turned the handle, his heart stopped beating for an instant.

The door was locked; and he appreciated for the first time some of the qualities which made Ivar Nordsten such a successful man.

VI

"Curiouser and curiouser," said the Saint mildly and went back to the armchair to do some more thinking.

He realized that when he had surmised that Nordsten would not have let him depart easily with his knowledge if he had refused his commission, he hadn't guessed the half of it. Nordsten would not let him depart easily with His knowledge anyhow. Simon had a sudden grim foreboding that there could be only one end, in Nordsten's mind, to that strange employment. He saw the financier's point of view very clearly, but it didn't help him far with his own plans.