“But not so charming for Miss Farquhar.”

“Possibly you are right. Therefore all is for the best. Now, Hastings, let us review the case. I can see that you are dying to do so. The sealed package is removed from the trunk and vanishes, as Miss Farquhar puts it, into thin air. We will dismiss the thin air theory, which is not practicable at the present stage of science, and consider what is likely to have become of it. Every one asserts the incredibility of its being smuggled ashore——”

“Yes, but we know——”

You may know, Hastings. I do not. I take the view that, since it seemed incredible, it was incredible. Two possibilities remain: it was hidden on board—also rather difficult—or it was thrown overboard.”

“With a cork on it, do you mean?”

“Without a cork.”

I stared.

“But if the bonds were thrown overboard, they couldn’t have been sold in New York.”

“I admire your logical mind, Hastings. The bonds were sold in New York, therefore they were not thrown overboard. You see where that leads us?”

“Where we were when we started.”