One morning, about a fortnight after they returned to the Dene, Vane
and Carroll walked out of the hamlet where the wheelwright's shop
was. Sitting down on the wall of a bridge, Vane opened the telegram
in his hand.

"I think you have Nairn's code in your wallet," he said. "We'll decipher
the thing."

Carroll laid the message on a smooth stone and set to work with a pencil.

"_Situation highly satisfactory_."

He broke off, to chuckle a comment.

"It must be, if Nairn paid for an extra word--highly's not in the code."

Then he went on with the deciphering:

"_Result of reduction exceeds anticipations. Stock thirty premium. Your
presence not immediately required_."

"That's distinctly encouraging," declared Vane. "Now that they are
getting farther in, the ore must be carrying more silver."

"It strikes me as fortunate. I ran through the bank account last night,
and there's no doubt that you have spent a good deal of money. It
confirms my opinion that you have mighty expensive friends."

Vane frowned, but Carroll continued undeterred.