As he examined them in detail certain interesting facts began to emerge. The general appearance, the words “England expects every man to do his duty,” and the circles with their attendant letters and numbers were identical on both sheets. But there were striking variations. The position of certain of the circles was different. Those containing numbers and crooked lines were all slightly out of place, while those containing letters remained unmoved. Moreover, the little crooked lines, while preserving a rough resemblance to the originals, were altered in shape. The more he considered the matter the more evident it became to French that these divergences were intentional. The tracing which had been given to Cheyne was intended to resemble the other superficially—and did so resemble it, but it had clearly been faked to make it valueless. [Illustration: A full-page image of dozens of circles. Their arrangement appears to be random. Most circles contains either a letter or a number, with the numbers ranging from 1 to 36. Eight or nine circles instead contain a short, irregularly-shaped line. Words are placed in between the circles, arranged in a loop through the entire image, reading clockwise “England expects every man to do his duty”.] If French were right so far, and he had but little doubt of it, it followed that the essential feature of the circles and crooked lines was position. This, he felt, should be a useful hint, but as yet he could not see where it led. He pondered fruitlessly over the problem till the small hours, and next morning he took the documents back to the Yard to continue his studies. But he did not have an opportunity to do so. Other work was waiting for him. To his delight he found that Arnold Price had reached home, and that he and Cheyne were waiting to see him. Price proved to be a lanky and rather despondent-looking individual with a skin burned to the color of copper and a pair of exceedingly shrewd blue eyes. He dropped into the chair French indicated, and instantly pulled out and lit a well-blackened cutty pipe. “Got in yesterday morning,” he announced laconically, “and wired Torquay I was going down. By the merest luck I got a reply before I started that Cheyne was in town. I looked him up and here I am.” French smiled pleasantly. Though interested in the man, he could not help noting with some amusement at once the restraint and the completeness of his statement. How refreshing, he thought, and how rare, to meet some one who will give you the pith of a story without frills! “I’m glad to meet you, Mr. Price,” he said cordially. “I suppose Mr. Cheyne has told you the effect that your letter has had on us all?” The other nodded. “Not altogether surprising,” he declared. “There’s money in the thing—or so I always believed, and this other crowd must believe it too; though how they got on to the affair licks me.”