"I shouldn't be surprised if Mr. Paxton took all that the bag contained which was of value up to London with him this morning, and left it there. Indeed, this evening, before he went out, he told me that that was what he had done."

Mr. Ireland gave utterance to what, coming from the mouth of any one but an inspector of police, would have sounded like a string of execrations.

"I suppose you've no idea what it was that he took with him or where it was he took it?"

"Not the faintest notion."

"Mr. Treadwater, this is another illustration of the fact that if you want a thing well done you must do it yourself. This morning I set a man to shadow Mr. Paxton--I told him not to let him get out of his sight. What does he do, this utter idiot? He sees our gentleman drop a ring. My man, he picks it up, and he gets into such a state of excitement that he loses his head and tears straight off with it to me. I'm not saying that he'd not chanced upon an important piece of evidence, because he had; but if he'd kept his wits about him, and had his head screwed on straight, he'd have had the ring and Mr. Paxton too. As it was, that was the last he saw of Mr. Paxton."

"May I ask what it is you suspect Mr. Paxton of having taken with him up to town?"

"Unless I'm out of my reckoning, Mr. Paxton went up to town with the Duchess of Datchet's diamonds stowed away in his pockets."

The manager's face was a vivid note of exclamation.

"No! My dear sir, I have been acquainted with Mr. Paxton some considerable time. I happen to know that he's a gentleman of position in the City. You must surely be mistaken in supposing that he could be mixed up in such an affair as that--it's incredible!"

"Is it? That's all right. If you like, you think so. Gentlemen of position in the City have had their fingers in some queer pies before to-day. If you don't happen to know it, I present you with the information gratis. Have you any idea of where he was going when he went out to-night?"