"I don't see anything to laugh at," said the girl; "my uncle fully
intended to burn it. He was terribly upset when he found that it had
disappeared."

"Disappeared?" cried Mr. Tredgold, in accents of unmistakable amazement.
"Why, wasn't it burnt after all? The captain said it was."

"He was going to burn it," repeated the girl, watching him; "but somebody
took it from the bureau."

"Took it? When?" inquired the other, as the business of the yachting
cruise began to appear before him in its true colours.

"The afternoon you were here waiting for him," said Miss Drewitt.

"Afternoon?" repeated Mr. Tredgold, blankly. "The afternoon I was----"
He drew himself up and eyed her angrily. "Do you mean to say that you
think I took the thing?"

"It doesn't matter what I think," said the girl. "I suppose you won't
deny that your friends have got it?"

"Yes; but you said that it was the afternoon I was here," persisted the
other.

Miss Drewitt eyed him indignantly. The conscience-stricken culprit of a
few minutes before had disappeared, leaving in his stead an arrogant
young man, demanding explanations in a voice of almost unbecoming
loudness.