"By Jove!" ejaculated Naball, under his breath, "what a queer thing if it should turn out to be those diamonds of Caprice's. Open the letter."

"Suppose it does turn out to be the diamonds," said Ezra, slowly tearing the envelope.

"Well"--Naball drew a long breath--"it will be the beginning of the end."

"I hope it will end in Keith's being released," said Eugénie, looking at Ezra with intense anxiety.

That gentleman took out the letter, and glancing at it for a moment, gave vent to an ejaculation of disgust.

"What's the matter?" asked Eugénie and Naball together.

"The letter is in cypher," said Lazarus, tossing it over to the detective. "I don't think we'll be able to read it."

"Oh, we'll have a try," said Naball, quickly spreading oat the letter. "Let's have a look at it."

The letter was as follows:--

"Dsidanmo seaf utnes teh ssteon ryiks sgenlil gto teher tdhnoaus sgennid it lses teher hduenrd bneiertns."