essed that she had most
carefully and thoroughly read the voucher--was unthinkable.

"You know what was on it," said Beale, in his best third degree manner,
"now don't keep us waiting. What was it?"

"A watch, sir."

"How much was it pledged for?"

"Ten shillings, sir."

"Do you remember the name."

"In a foreign name, sir--van Horden."

"Van Heerden," said Beale quickly, "and at what pawnbrokers?"

"Well, sir," said the girl, making a fight for her reputation, "I only
glanced at the ticket and I only noticed----"

"Yes, you did," interrupted Beale sharply, "you read every line of it.
Where was it?"

"Rosenblaum Bros., of Commercial Road," blurted the girl.

"Any number?"

"I didn't see the number."

"You will find them in the telephone book," said Kitson. "What does it
mean?"

But Beale was half-way to Kitson's sitting-room, arriving there in time
to meet McNorton who had handed over his charge to his subordinate.

"I've found it!" cried Beale.

"Found what?" asked Kitson.

"The code!"

"Where? How?" asked McNorton.

"Unless I am altogether wrong the code is contained, either engraved on
the case or written on a slip of paper enclosed within the case of a
watch. Can't you see it all plainly now? Van Heerden neither trusted his
memory nor his subordinates. He had his simple code written, as we shall
find, upon thin paper enclosed in the case of a hunter watch, and this
he pledged. A pawnbroker's is the safest of safe deposits. Searching for
clues, suppose the police had detected his preparations, the pledged
ticket might have been easily overlooked."

Kitson was looking at him with an expression of amazed indignation.
Here was a man who had lost his wife, and Kitson believed that this
young detective loved the girl as few women are loved; but in the
passion of the chase, in the production of a new problem, he was
absorbed to the exclusion of all other considerations in the greater
game.

Yet he did Beale an injustice if he only knew, for the thought of
Oliva's new peril ran through all his speculations, his rapid
deductions, his lightning plans.

"Miss Cresswell found the ticket and probably extracted it as a
curiosity. These things are kept in little envelopes, aren't they,
McNorton?"

The police chief nodded.

"That was it, then. She took it out and left the envelope behind, and
van Heerden did not discover his loss until he went to find the voucher
to give Milsom the code. Don't you