“Every one knows there are secret passages about Ravensthorpe,” he mused. “Perhaps this beggar has got on to one of them. And quite possibly the end of the passage is in that cave down there. That would explain the rope. I’ll slide down and have another look round.”

He got into the cave-mouth without difficulty and used up the remainder of his matches in a close examination of the interior of the cavity; but even the closest scrutiny failed to reveal anything to his eyes.

“Nothing there but plain rock, so far as I can see,” he had to admit to himself as the last match burned out. “That’s a blank end in more senses than one.”

Without much difficulty he swarmed up the rope again, untied it from the balustrade, and coiled it over his arm.

“A nice little clue for Sir Clinton Driffield to puzzle over,” he assured himself. “Sherlock Holmes would have been on to it at once; found where it was sold in no time; discovered who bought it before five minutes had passed; and paralysed Watson with the whole story that same evening over a pipeful of shag. We shall see.”

He threw a last glance round the empty terrace and then moved off into the spinney. As he passed into the shadow of the trees he saw, a few yards to one side, the outline of the Fairy House dappled in the moonshine which filtered through the leaves overhead. Half-unconsciously, Michael halted and looked at the little building.

“They could never have overlooked that in the hunt, surely. Well, no harm in having a peep to make certain.”

He dropped his coil of rope, stepped across to the house, and, stooping down, flung open the door. Inside, he caught a flash of some white fabric.

“It’s the beggar after all! Here! Come out of that!”

He gripped the inmate roughly and hauled him by main force out of his retreat.