Holmes's calculation was fulfilled within a very few minutes by the appearance of Billy, the page, with the very letter which we were expecting.

"The same writing," remarked Holmes, as he opened the envelope, "and actually signed," he added in an exultant voice as he unfolded the epistle.

"Come, we are getting on, Watson." His brow clouded, however, as he glanced over the contents.

"Dear me, this is very disappointing! I fear, Watson, that all our expectations come to nothing. I trust that the man Porlock will come to no harm.

"DEAR MR. HOLMES (he says): I will go no further in this matter. It is too dangerous–he suspects me. I can see that he suspects me.

He came to me quite unexpectedly after I had actually addressed this envelope with the intention of sending you the key to the cipher.

I was able to cover it up. If he had seen it, it would have gone hard with me.

But I read suspicion in his eyes. Please burn the cipher message, which can now be of no use to you. FRED PORLOCK." Holmes sat for some little time twisting this letter between his fingers, and frowning, as he stared into the fire.

"After all," he said at last, "there may be nothing in it. It may be only his guilty conscience.

Knowing himself to be a traitor, he may have read the accusation in the other's eyes." "The other being, I presume, Professor Moriarty." "No less! When any of that party talk about 'He' you know whom they mean. There is one predominant 'He' for all of them." "But what can he do?" "Hum! That's a large question. When you have one of the first brains of Europe up against you, and all the powers of darkness at his back, there are infinite possibilities.