Dom Miguel looked up at me quickly, and the huge general snorted and stabbed me with his terrible eyes.

“What do you mean?” demanded Fonseca.

“This report proves, I fear, that our suspicions of Madam Izabel are well founded,” I explained, not daring to look at Dom Miguel while I accused his daughter. “Paola has doubtless discovered that this information regarding the vault and its mysterious key has either been forwarded to the Emperor or is on the way to him. Therefore he has forestalled Madam Izabel’s report, in order that he may prove his department vigilant in serving the government, and so protect his high office. Can you not see that Paola’s claim that he is working to secure the ring is but a ruse to gain time for us? Really, he knows that he could obtain it by arresting Dom Miguel. But this report will prevent the Emperor putting his man Valcour upon the case, which he would probably have done had he received his first information from Izabel de Mar.”

For a moment there was silence. Then the general’s brow unbent and he said with cheerfulness:

“This explanation is entirely reasonable. It would not do for Paola to get himself deposed, or even suspected, at this juncture. A new Minister of Police would redouble our danger.”

“How did you obtain this copy of the report?” asked de Pintra.

“From one of our spies.”

“I have no doubt,” said I, “that Paola was instrumental in sending it to you. It is a warning, gentlemen. We must not delay in acting upon it, and removing our treasure and our records to a safer place.”

“And where is that?” asked Fonseca.

I looked at the chief. He sat thoughtfully considering the matter.