The box indicated was one of ordinary thin sheet iron, japanned black—something like what is called a deed box.

"The padlock has been broken open, I see," Hewitt observed.

"Yes, but I did that myself this morning. It had been blocked up in some way, so that the key wouldn't turn—doubtless in order to cause delay when next the box should come to be opened. As it was I might have desisted and put off opening it till later, but I had a reason for wishing to refer at once to a list which was in the box, and so I decided to break the padlock. It was more difficult than one might expect, with such a small padlock."

"And then you discovered your loss?"

"Then I discovered the loss, Mr. Hewitt, though it was a mere chance even then. For see! All the bonds have not been taken, and those left are placed on the top, while the space below is filled with dummies. I hardly know why I turned them over—for the list was at the top—but I did, and then——" Mr. Bell finished with a despairing gesture.

"And this was some time this morning?"

"At about half-past eleven."

"And when did you last open the box before that?"

"Ten days ago at least, I should think—and even then the bonds may have been gone, for I only opened it to refer to the same list, and I examined nothing else."

"You say that some bonds are left and others are gone. I presume those taken are such as would be easy to negotiate, and those left are such as would be difficult. Is that the fact?"