“You have not had breakfast yet, have you?”

“I shall breakfast at home, with my assistant. And, by the way, he is waiting for me down by the river. Before I go, there is one thing I want to speak about. The other night, at the ball in the Hotel Supremacy, there came into my possession, in a curious way, a valuable jewel-incrusted watch, on which was the letter ‘M’ in diamonds, and——”

“Mr. Carter!” interrupted Marcos eagerly. “Have you that watch still? Can you get it?”

“The watch is in my safe. I intend to bring it to you to-day.”

“Can you? Can you?” cried Marcos excitedly. “That watch means so much to me. It is more than a mere timekeeper or ornament. It is bound up in the destinies of the ruling house of Joyalita. I cannot tell you how important it is. The watch, with the fob attached, is known as the Seal of Gijon.”

“The watch shall be restored to you when I come back this afternoon.”

“You found it, you say?”

“At the Hotel Supremacy. It is claimed by Prince Miguel, your cousin,” returned Nick Carter. “Mrs. van Raikes, who gave the ball at the hotel that night, enlisted my services to find the watch. I had it then, but I did not say so. I was sure that there was a significance attached to it which required that it should not be lightly passed along without my being sure that it did not get into improper hands.”

“As a matter of fact, Mr. Carter, I may as well tell you that that watch is the insignia of the ruler of Joyalita. It has the character of the great seal used in most monarchies. I did not take it to the Hotel Supremacy that night. In fact, I never have been in the hotel at any time. It could have been taken there only by my cousin, Prince Miguel.”

“How did he get it?”