"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."