“It seems to be a message all right,” said Hargrave: “But why do you imagine it's a cipher?”

The Baronet looked closely at the American jewel dealer for a moment.

“Why should it be printed in English in these foreign papers,” he said, “if it were not a cipher?”

“Perhaps,” said Hargrave, “the person for whom it's intended does not know any other language.”

The Baronet shrugged his shoulders.

“The persons for whom this message is intended,” he said, “do not confine themselves to a single language. It's a pretty well-organized international concern.”

“Well,” said Hargrave, “it doesn't look like a mystery that ought to puzzle the ingenuity of the Chief of the Criminal Investigation Department of the metropolitan police.” He nodded to Sir Henry. “You have only to look out for the arrival of nine hundred horses and when they get in to see who takes them off the boat. The thing looks easy.”

“It's not so easy as it looks,” replied the Baronet. “Evidently these horses might go to France, Holland or England. That's the secret in this message. That's where the cipher comes in. The name of the port is in that cipher somewhere.”

“But you can, watch the steamer,” said Hargrave, “the Don Carlos.”

The Baronet laughed.