Who had stolen it?

Here was a break, but my links began a little further on, in this way.

If the person who had stolen the key, the traitor that is in our camp, had acted in his own interests alone, both parties were at a loss. But that was not the hypothesis to which I leaned. If, on the other hand, the traitor had acted in Holgate's interests, who was he?

Before I could continue my chain to the end, I had something to do, a search to make. I left the surgery noiselessly and passed along the alley to Pye's cabin. The handle turned and the door gave. I opened it. No one was there.

That settled my links for me. The man whom I had encountered in the fog at the foot of the bridge was the man who was in communication with Holgate. That pitiful little coward, whose stomach had turned at the sight of blood and on the assault of the desperadoes, was their creature. As these thoughts flashed through my mind it went back further in a leaf of memory. I recalled the room in the "Three Tuns" on that dirty November evening; I saw Holgate and the little clerk facing each other across the table and myself drinking wine with them. There was the place in which I had made the third officer's acquaintance, and that had been brought about by Pye. There, too, I had first heard of Prince Frederic of Hochburg; and back into my memory flashed the stranger's talk, the little clerk's stare, and Holgate's frown. The conspiracy had been hatched then. Its roots had gone deep then; from that moment the Sea Queen and her owner had been doomed.

I turned and left the cabin abruptly and soon was knocking with the concocted signal on the door. Barraclough admitted me.

"I have it," said I. "Let's find the Prince."

"Man, we can't afford to leave the doors."

"We may be attacked," said he.

"No; they won't venture just yet," I replied. "It's not their game—at least, not Holgate's. He's giving us time to find the treasure and then he'll attack."