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There are a number of things unexplained," answered Cleggett, "and the presence of this ring, and the manner in which it has come into our possession, are not the most mysterious of them. The explosion itself appears to me, just now, at least, hard to account for."

"The manner in which people get into and out of the hold of your vessel is also obscure," said Lady Agatha.

"Nor is the motive of their hostility clear," said Cleggett.

He picked up the piece of paper money. Something about the feel of it aroused his suspicions. He called Elmer, and when that exponent of reform entered the cabin, asked him bluntly:

"Did you ever have anything to do with bad money?"

Elmer intimated that he might know it if he saw it.

"Then look at that, please."

Elmer took the torn bill, produced a penknife, slit the yellow paper, and cut out of it one of the small hair-like fibers with which the texture of such notes is sprinkled. After wetting this fiber