For, as I remarked just now, my lad, the mere fact that the yacht was found empty doesn't prove that Carstairs has been drowned! And well just settle up here, and go round and see Smeaton to get a look at those letters, and then we'll take train to Largo and make a bit of inquiry." Mr.Smeaton had the letters spread out on his desk when we went in, and Mr.Lindsey looked them over.

There were not more than half a dozen altogether, and they were mere scraps, as he had said--usually a few lines on half-sheets of paper.

Mr.Lindsey appeared to take no great notice of any of them but the last--the one that Smeaton had quoted to us in the morning.

But over that he bent for some time, examining it closely, in silence.
"I wish you'd lend me this for a day or two," he said at last.

"I'll take the greatest care of it; it shan't go out of my own personal possession, and I'll return it by registered post.