the evening.

The "Tub" next morning was crowded as usual, and it needed very little
penetration on Pledge's part to see that the triple alliance between our
three heroes was fast and serious.

They undressed on the same rock, they dived side by side from the
spring-board, they came above water at the same moment, they challenged
collectively any other three of the Den to meet them in mortal combat in
mid-Tub, and they ended up their performance by swimming solemnly in
from the open arm-in-arm, Coote, of course, being in the middle.

All this Pledge observed, and marked also their anxious looks and
hurried consultations as they dressed. He guessed that there must be
some matter of common interest which was just then acting as the pivot
on which the alliance turned, and his taste for scientific research
determined him, if possible, to discover it.

So when, after "Tub," the three friends marched arm-in-arm down town,
Pledge casually strolled the same way at a respectful distance.

It was clear the "Firm" was bound on a momentous and unpleasant errand.

Coote every other minute was convulsed by the brotherly claps which the
backers-up on either side bestowed upon him; and the long faces of all
three, as now and then they stopped and scrutinised the shop-window of
some silversmith or pawnbroker, betokened anything but content or high
spirits.

At length Pledge saw them enter very dejectedly at Mr Webster's door,
where, not being anxious to disturb them, he left them and took a short
turn down the shady side of High Street, within view of the stationer's
shop.

Their business was not protracted, for in about three minutes he saw
them emerge, with faces longer than ever, and turn their steps hurriedly
and dismally towards Templeton.

When they were out of sight, Pledge crossed the road and casually turned
in at Mr Webster's door.

"Well, Webster, anything new?"

"No, sir; nothing in your line, I'm afraid," said the shopman.

"By the way," said Pledge, carelessly, "was that my fag I saw coming out
here just now?"

"Mr Heathcote?" said Webster, frowning. "Yes, that was he, sir, and
two friends of his. I'm afraid he's getting into bad company, Mr
Pledge."

"Are you? What makes you think that?"

"It's an unpleasant matter altogether," said Mr Webster, "and likely to
be more so. The fact is, sir, I've been robbed."

And he proceeded to give Pledge an account of the loss of the pencil-
case, and of the e