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“By Jove!” exclaimed Raven, the blood mounting to his forehead.

“What’s the matter?” asked Christopher.

“I’m not a particularly observant chap, but I suppose I would have noticed if you’d come in without your shirt-studs. You didn’t by any chance forget to put them in, did you?”

“No; I had them in, right enough,” said Race. Looking down he saw that the white expanse of his evening shirt lacked the finish of the two pearl studs he had worn when he came into the room. His cuffs hung loose, empty of his favourite pair of links. Hastily touching his watch-pocket, he found it limp and flat.

“Well, yes, it is ‘by Jove,’” he remarked, grimly.

“Shall we call Morley Chester and tell him what’s happened?” asked Raven.

“No,” said Christopher, who sat with his back turned towards the other occupants of the room, his table being at the end by a window, and he having given his usual seat to his guest; “I’d rather not make a fuss. I shall sit till the others have gone, and no one will be the wiser. I’m sick of sensations, and don’t want to pose as the hero of one if I can help it.”

“Some people seem to like it,” said Raven.

“So I’ve thought,” replied Christopher. But his theory was upset. He could not believe in any ghostly influence strong enough to impose illusions upon his mind. A queer thrill went through him. He was struck with horror by the mystery, which had never impressed itself so vividly upon him before.

It was a relief when the rest of the diners left the room, and he was free to slip away without making statements or answering questions. Luckily for him – if unluckily for the Chesters – there were few guests in the house. Those who were there – with the exception of Sir Walter Raven – were new arrivals, and strangers to Christopher. For this reason he escaped the fire of curiosity which raged round most departing visitors at Wood House. He went to his room, locked the door, and, having listened with his ear at the wainscoting, presently began as noiselessly as possible to saw out a selected square from the oak panelling behind his curtained four-poster bed. The saw was sharp, and he worked as energetically as if he had an injury to avenge. In an hour he had the panel ready to come out of its frame. But he did not venture to take it out and commence his explorations until the house was still for the night.

Not once while he worked had there been the faintest sound on the other side. Removing the square of wainscoting at last as if it had been a pane in a window (odd, the oak here hadn’t half that strong, subtle fragrance of rich old wood that it had downstairs in the dining-hall and the two private sitting-rooms!), Christopher turned on the light of his lantern and peered into the obscurity on the other side.

There was a hollow space between this wall and the next – a space rather more than two feet wide. Christopher had moved his bed, and cut into a panel so low down that to peer into the opening he had to kneel. The square aperture he had made was so large that by squeezing he could thrust his shoulders through as well as his head. So far as he could see, there was no door on the opposite side, nor was there furniture of any sort in the secret place the stream of light lit up. But at the far corner there was something low and long, and blacker than the darkness. It might be a heavy beam, he thought, against a wall, or it might be a box.

Withdrawing his head, he looked at the quaint grandfather clock which stood in a corner of his room. It was never right within half an hour, but he had now no watch to consult. According to the old timepiece it wanted twenty minutes to two. Perhaps it was later, perhaps earlier; but, in any case, Christopher had time to make researches before the nightly footfalls were due.

It was difficult to wriggle through the square hole in the wainscoting, but he did it, after ridding himself of coat and waistcoat. Now he stood in a long, narrow space between the walls of his own room and Sir Walter Raven’s. He had slipped off his pumps, and in stockinged feet began cautious explorations, the lantern making a pathway of light. The thing he had seen at the far end was not a beam. It was a box – two boxes – three boxes – of common wood, such as come into every household from the stores. They had lids, but the lids were not nailed down. Christopher lifted one. The box was filled with jewellery, heaped up in neat piles, according to its kind, on some dark garment folded underneath. There were a pile of bracelets, a pile of brooches, a pile of rings, and a collection of watches like glittering gold eggs in a nest. The second box had the same description of contents, though there were more miscellaneous articles – gold or jewelled belt-buckles, hatpins, a diamond dog-collar or two, and several strings of pearls. In the third box, much smaller than the other two, were purses, some of leather, some of gold or silver netting; cigarette-cases with jewelled monograms; and, weighted down by a lump of gold chains, lay a quantity of bank-notes.

The ghost of Wood House did his work in a business-like manner!

Of gold coins there were none. Even the most prudent ghost might venture to put these to use without delay, when a sharp and practised eye had found them not to be marked suspiciously.

“What a haul it has been,” Christopher said to himself. His valuables did not appear to have been added to the collection, but he shrewdly suspected that they would be put into place that night. He had only to wait and see who came to put them there; or should he go farther in this adventure first?

Behind the row of wooden boxes was a square hole, black as the heart of night. Christopher’s lantern showed him that from the top of this opening descended a narrow staircase, winding round upon itself like a corkscrew. He set his foot on the first step, and it squeaked. Then he knew what it was that had waked him every night – a foot treading upon that stair – perhaps other stairs below.

“I’ll see what’s at the bottom,” thought Christopher; and was in the act of stepping over the low barrier of boxes when he heard a distant sound.

It was faint, yet it made Christopher pause. He withdrew his foot from the top step of the stairway, and, covering the light, lay on his side behind the boxes which would, until a person advancing had risen to a level higher than the wooden lids, form a screen to hide him.

The sound continued, growing gradually more distinct. Someone was tip-toeing towards the stairs. Someone was on the stairs. Someone was coming up. There was a wavering glimmer of light, a little light, like that of a candle.

Christopher lay very still. He hardly even breathed.

The light was moving up the dark wall, and throwing a strange black shadow, which might be the shadow of a head. A stair creaked. Another stair. That clock must have been slow, or else the ghost was before its time. Now there was a long-drawn, tired breath, like a sigh, and in the advancing light gleamed something white and small. For a moment it hung in the midst of shadow, then it descended on the lid of the middle box. It was a woman’s hand.

Quick as thought Christopher seized and held it tightly, at the same instant rising up and flashing his lantern.

There was a stifled gasp; the hand struggled vainly; he pulled it towards him, though its owner stumbled and nearly fell, and Christopher found himself face to face with Mrs Morley Chester.

“Let me go!” she panted. “Oh, I implore you!”

“I’ll not let you go,” said Christopher, in a voice as low as hers, but mercilessly determined. “This game is up. You shall tell me everything, or I swear I’ll alarm the house, send for the police, and have you arrested, you and your husband.”

“Not my husband!” faltered the “dear little cousin,” the pretty, timid creature who had always seemed to Christopher pathetic in her gentle self-effacement, her desire to help Cousin Sidney. “He – he has nothing to do with this. I-”