“You are right,” he cried with an immense sigh of relief. “It is quite superficial.” His face set like flint as he glared at our prisoner, who was sitting up with a dazed face. “By the Lord, it is as well for you. If you had killed Watson, you would not have got out of this room alive. Now, sir, what have you to say for yourself?”

He had nothing to say for himself. He only sat and scowled. I leaned on Holmes’s arm, and together we looked down into the small cellar which had been disclosed by the secret flap. It was still illuminated by the candle which Evans had taken down with him. Our eyes fell upon a mass of rusted machinery, great rolls of paper, a litter of bottles, and, neatly arranged upon a small table, a number of neat little bundles.

“A printing press⁠—a counterfeiter’s outfit,” said Holmes.