“You say Lowen had a grudge against Mr. Davenheim. What you mean is that he had once or twice got the better of him. And presumably those transactions were entered into with the view of benefiting himself. In any case you do not as a rule bear a grudge against a man you have got the better of⁠—it is more likely to be the other way about. Whatever grudge there might have been would have been on Mr. Davenheim’s side.”

“Well, you can’t deny that he lied about never having left the study?”

“No. But he may have been frightened. Remember, the missing man’s clothes had just been discovered in the lake. Of course, as usual, he would have done better to speak the truth.”

“And the fourth point?”