“These steps can all be raised and laid flat against the ceilings of each landing, as well as covered from sight, at a moment’s notice,” explained Philip, as they went down. “In the flat below, which we entered, is a press, through which we pass, with shelves that drop down when the ladders are raised.”

“It is very ingenious.”

“Very, and unless a traitor showed the working, quite impossible to discover. We are now passing through the pantry on the ground floor. Now we are below the street.”

The steps they had used hitherto were composed of iron, felt covered, but now they were descending solid stone stairs, also carpeted with thick felt to deaden the sound of their feet.

The walls and roof were likewise composed of stone and covered with cement, while at regular intervals along the ceiling were electric globes, which gave them plenty of light.

They went down about forty of these stone steps before they came to level ground, and then, before them, they saw a long, straight, and well-lighted lobby with an arched roof.

“This is the secret of the Three Ace Club. We have to take precautions when we have the like of Oom Paul to deal with,” remarked Philip, with a smile. “Here you may make as much noise as you like, for no one outside could hear even a gun report. We have stopped the echo.”

“It must have cost something to excavate this vault,” said the boys.

“Yes; a good deal of Rand money has been sunk here. But come and see our shooting-gallery, arsenal, and general meeting-place.”

He led the way along the lobby until they came to a door, against which he gave three loud knocks, at the same time pressing a knob.