"IRENE NORTON, _née_ ADLER."

"What a woman--oh, what a woman!" cried the King of Bohemia, when we had
all three read this epistle. "Did I not tell you how quick and resolute
she was? Would she not have made an admirable queen? Is it not a pity that
she was not on my level?"

"From what I have seen of the lady, she seems indeed to be on a very
different level to your majesty," said Holmes coldly. "I am sorry that I
have not been able to bring your majesty's business to a more successful
conclusion."

"On the contrary, my dear sir," cried the king, "nothing could be more
successful. I know that her word is inviolate. The photograph is now as
safe as if it were in the fire."

"I am glad to hear your majesty say so."

"I am immensely indebted to you. Pray tell me in what way I can reward
you. This ring--" He slipped an emerald snake ring from his finger, and
held it out upon the palm of his hand.

"Your majesty has something which I should value even more highly," said
Holmes.

"You have but to name it."

"This photograph!"

The king stared at him in amazement.