Sterndale sat down with a gasp, overawed for, perhaps, the first time in his adventurous life. There was a calm assurance of power in Holmes’s manner which could not be withstood. Our visitor stammered for a moment, his great hands opening and shutting in his agitation.

“What do you mean?” he asked at last. “If this is bluff upon your part, Mr. Holmes, you have chosen a bad man for your experiment. Let us have no more beating about the bush. What do you mean?”

“I will tell you,” said Holmes, “and the reason why I tell you is that I hope frankness may beget frankness. What my next step may be will depend entirely upon the nature of your own defence.”

“My defence?”

“Yes, sir.”

“My defence against what?”