"In the housekeeper's room," said the Earl. "She may have appropriated the jewels."

"I think your lordship must see that that is very unlikely—without collusion between Horbury and herself," remarked Gabriel.

"Mrs. Carswell," said Joseph, "has always been more or less of a mysterious person. We know nothing about her. I don't even know where Horbury got her from. But—the probability is that they were in collusion, and that when he went, she stayed behind, to ascertain how things turned out on his disappearance; and that she fled when it began to appear that searching inquiries were to be made into which she might be drawn."

The Earl made no reply. He recognized that the Chestermarke observations and suggestions were rather more than plausible, and much as he fought against the idea of the missing manager's dishonesty, he could not deny that the circumstances as set forth by the bankers were suspicious.

"Your lordship will, of course, follow up this woman?" said Gabriel, after a brief silence.

"I suppose the police will," replied the Earl. "But—aren't you going to do anything yourselves, Mr. Chestermarke? You told me, you know, that certain securities of yours were missing."

Gabriel glanced at his nephew—and Joseph nodded.

"Oh, well!" answered Gabriel. "We don't mind telling your lordship—and if your lordship pleases, you may tell the police—we are doing something. We have, in fact, been doing something from an early hour. We have a very clever man at work just now—he has been at work since he heard from us twenty-four hours ago. But—our ideas are not those of Polke. Polke begins his inquiries here. Our inquiries—based on our knowledge—begin ... elsewhere."

"You think Horbury will be heard of—elsewhere?" suggested the Earl.

"Much more likely to be heard of elsewhere than here, my lord!" asserted Gabriel.