A shadow passed over the expressive face of the statesman. “Very grave results indeed.”

“And have they occurred?”

“Not yet.”

“If the treaty had reached, let us say, the French or Russian Foreign Office, you would expect to hear of it?”

“I should,” said Lord Holdhurst, with a wry face.

“Since nearly ten weeks have elapsed, then, and nothing has been heard, it is not unfair to suppose that for some reason the treaty has not reached them.”

Lord Holdhurst shrugged his shoulders.

“We can hardly suppose, Mr. Holmes, that the thief took the treaty in order to frame it and hang it up.”

“Perhaps he is waiting for a better price.”

“If he waits a little longer he will get no price at all. The treaty will cease to be secret in a few months.”