“Consider the facts, sir. It is inconceivable that it was taken after eleven-thirty at night, since I understand that Mr. Hope and his wife were both in the room from that hour until the loss was found out. It was taken, then, yesterday evening between seven-thirty and eleven-thirty, probably near the earlier hour, since whoever took it evidently knew that it was there and would naturally secure it as early as possible. Now, sir, if a document of this importance were taken at that hour, where can it be now? No one has any reason to retain it. It has been passed rapidly on to those who need it. What chance have we now to overtake or even to trace it? It is beyond our reach.”

The Prime Minister rose from the settee.

“What you say is perfectly logical, Mr. Holmes. I feel that the matter is indeed out of our hands.”