“You see, Lord Cantlemere, we can no doubt frame a case against the actual thieves.”

“When you have caught them.”

“Exactly. But the question is⁠—how shall we proceed against the receiver?”

“Is this not rather premature?”

“It is as well to have our plans ready. Now, what would you regard as final evidence against the receiver?”

“The actual possession of the stone.”

“You would arrest him upon that?”

“Most undoubtedly.”

Holmes seldom laughed, but he got as near it as his old friend Watson could remember.

“In that case, my dear sir, I shall be under the painful necessity of advising your arrest.”