But Hilliard was in no frame of mind for repose. He was too much
thrilled by the adventure through which he had passed, and the
discovery which he had made. He therefore put away the idea of
sleep, and instead gave himself up to consideration of the situation.

He began by trying to marshal the facts he had already learned. In
the first place, there was the great outstanding point that his
suspicions were well founded, that some secret and mysterious business
was being carried on by this syndicate. Not only, therefore, was he
justified in all he had done up to the present, but it was clear he
could not leave the matter where it stood. Either he must continue
his investigations further, or he must report to headquarters what he
had overheard.

Next, it seemed likely that the syndicate consisted of at least six
persons; Captain Beamish (probably from his personality the leader),
Bulla, Coburn, Henri, and the two men to whom reference had been
made, Archer, who had suggested forming the depot at Swansea, and
Morton, who had been asked to make inquiries as to himself and
Merriman. Madeleine Coburn's name had also been mentioned, and
Hilliard wondered whether she could be a member. Like his companion
he could not believe that she would be willingly involved, but on
the other hand Coburn had stated that she had reported her suspicion
that Merriman had noticed the changed number plate. Hilliard could
come to no conclusion about her, but it remained clear that there
were certainly four members, and probably six or more.

But if so, it followed that the operations must be on a fairly large
scale. Educated men did not take up a risky and presumably illegal