by Penreath, but which was never recovered.
I found it this morning down the pit where the body was thrown."

"How did you get down the pit?" asked Queensmead.

"I climbed down the creepers as far as they went. I had a rope for the
rest of the descent, but it wasn't needed, for I found Mr. Glenthorpe's
pocket-book suspended by a cord about ten feet down. Here it is."

Queensmead scrutinised the pocket-book and its contents, and on handing
it back remarked:

"Do you think Penreath returned and concealed himself in the wood to
recover these notes?"

Colwyn was struck by the penetration of this remark.

"No, quite the contrary," he replied. "Your deduction is drawn from an
isolated fact. It has to be taken in conjunction with other fresh facts
which have come to light--facts which put an entirely fresh complexion
on the case, and tend to exculpate Penreath."

"I would rather not know what they are, then," replied Queensmead
quietly. "It is better I should not know too much. You see, it might be
awkward, in more ways than one, if things are turning out as you say.
What is it you want me to do?"

"I want you to watch the pit on the rise while I am away, chiefly at
night. It is of paramount importance that the man whom I believe to be
the thief and murderer should not be allowed to escape in my absence. I
do not think that he has any suspicions, so far, and it is practically
certain nobody saw me descend the pit. But if he should, by any chance,
go down to the pit for his money, and find it gone, he would know he
had been discovered, and instantly seek safety in flight. That must be
prevented."

"How?"

"You must arrest him."

"I do not see how that can be done," replied Queensmead. "I cannot take
upon myself to arrest a man simply for descending the pit. It's not
against the law."

"In order to get over that difficulty I left my own pocket-book tied to
the cord in the pit," replied Colwyn. "It's a black leather one, like
Mr. Glenthorpe's. If the thief goes down he is hardly likely to discover
the difference till he gets to the surface. You can arrest him for the
theft of my pocket-book, which contains a little money. You can make a
formal entry of my complaint of my loss."

"Well, I've heard that you were a cool customer, Mr. Colwyn, and now I
believe it," replied Queensmead, laughing outright. "Fancy thinking out
a plan like that down in the pit! But as you've made the complaint it's
my duty to enter it, an