“That is where our difficulties commence. We have to ascertain the connection between the figures and the letters and the circle; to find out whether the former explain the latter or whether the circle explains the figures and the letters. If the figures and the letters are a cryptogram we ought to be able to find the solution without much difficulty. The circle, however, is a remarkable device, and it is difficult to fathom its meaning without something to guide us. I thought at first it might have been capable of some masonic interpretation, but now I doubt it. The most likely assumption is that the circle and the lines in some way indicate the hiding place of the money.”

“By geometry?” suggested Marsland, closely examining the circle on the paper.

“I think not. It is hardly likely that the old farmer who concealed the treasure would be versed in the science of geometry. He may have drawn the circle to indicate a certain place where he had concealed the money, and added the two lines to indicate the radius or point where it was to be found.”

“Local gossip declares that the old man hid his money somewhere in the landing-place or old boat-house, where it is covered at high tide, and that his ghost watches over it at low tide to prevent anybody stealing it. There are stories of treasure-seekers having been chased along the sands almost to Ashlingsea by the old man’s ghost. The villagers give the landing place and that part of the coast road a wide berth at night in consequence.”

“I do not think the old man hid his money in the boat-house or landing-place,” said Crewe. “He would have known that the action of weather and tide would make such a hiding-place unsafe. He would look for a safer place. He has almost certainly hidden it somewhere about the farm, and the circle and the letters and figures will tell us where, when we discover their meaning.”

Crewe opened his notebook and commenced to make some calculations in figures. Marsland meantime occupied himself by looking at the circle through the magnifying glass, and in counting the figures in its circumference.

“Perhaps these marks in the circle represent paces,” he said, struck by a new thought. “Suppose, for instance, that the old man measured off a piece of ground with a tape measure fastened to some point which would represent the pivot or centre of his circle. He may have fastened the end of his tape measure to the well pump in the bricked yard, and walked round in a circle holding the other end in his hand, sticking in pegs as he walked. The top figure inside the circle—150—may mean that the circle is 150 yards in circumference. Within the radius of the circle he buries his money, makes a drawing of the circle of figures and the remaining figures to indicate its whereabouts, and then removes the cord and pegs.”

“Ingenious, but unlikely,” commented Crewe. “For one thing, such a plan would need compass points to enable the searchers to take their bearings.”

“North or south may be indicated in the cryptogram—when we discover it,” said Marsland.

“No, no,” said Crewe, shaking his head. “Your idea is based on treasure-hunt charts in novels. My experience
is that in real life people do not go to much
trouble in hiding money or valuables; they put them away in some chance place or odd receptacle which happens to appeal to them, and where I think they really have a better chance of remaining undiscovered for years than in a more elaborately contrived hiding-place. In the Farndon missing will case, involving one of the largest estates in England, the will was found after the lapse of ten years concealed in the back of a book, where the deceased Lord Farndon had placed it in his latter days, when he imagined himself surrounded by thieves. If you open a large book about the middle it discloses an aperture at the back sufficiently large to conceal a paper, and when the book is closed there will be no sign. Lord Farndon concealed his will in one of the estate ledgers which was in constant use for some time after his death, and yet the will would probably have never been discovered if a mouse had not eaten through the leather back long afterwards, disclosing the hidden parchment.