“It’s from Liverpool, and Liverpool, you must understand, is the great buyer of wheat. It’s a tremendously influential place.”

He began once more to consult the key book, one finger following the successive code words of the despatch.

Laura, watching him, saw his eyes suddenly contract. “By George,” he muttered, all at once, “by George, what’s this?”

“What is it?” she demanded. “Is it important?”

But all-absorbed, Jadwin neither heard nor responded. Three times he verified the same word.

“Oh, please tell me,” she begged.

Jadwin shook his head impatiently and held up a warning hand.

“Wait, wait,” he said. “Wait a minute.”