"But surely you do not think, Mr. Kyne, that boat-loads of lace are really run here!" exclaimed Robert Hunter.

"I do think it. If not in this precise spot,"--pointing with his finger to the Half-moon beach underneath--"somewhere close to it. There's only one thing staggers me--if they run their cargoes there, where can they stow it away? I have walked about there"--advancing to the edge cautiously and looking down--"from the time the tide went off the narrow path, leading to it round the rocks, until it came in again, puzzling over the problem, and peering with every eye I had."

"Peering?"

"Yes. We have heard of caves and other hiding-places being concealed in rocks," added the supervisor, doggedly; "why not in these? I cannot put it out of my head that there's something of the sort here; it's getting as bad to me as a haunting dream."

"It would be charming to find it!" exclaimed Mary Anne. "A cave in the rocks! Ah, Mr. Kyne, it is too good to be true. We shall never have so romantic a discovery at Coastdown."

"If such a thing were there, I should think you would have no difficulty in discovering it," said Mr. Hunter.

"I have found it difficult," returned Mr. Kyne, snappishly, as if certain remembrances connected with the non-finding did not soothe him. "There's only one thing keeps me from reporting the suspicions at head quarters."

"And that is--?"

"The doubt that it may turn out nothing after all."

"Oh, then, you are not so sure; you have no sufficient grounds to go upon," quickly rejoined Mr. Hunter, with a smile that nettled the other.