"Yes, indeed," I said enthusiastically. "Some of them must be perfect palaces; the swimming-baths, the lounges, the restaurant, the palm courts - really, it must be hard to believe that one is on the sea."

"Me, I always know when I am on the sea," said Poirot sadly. "And all those bagatelles that you enumerate, they say nothing to me; but, my friend, consider for a moment the geniuses that travel as it were incognito! On board these floating palaces, as you so justly call them, one would meet the élite, the haute noblesse of the criminal world!"

I laughed.

"So that's the way your enthusiasm runs! You would have liked to cross swords with the man who sneaked the Liberty Bonds?"

The landlady interrupted us.

"A young lady as wants to see you, Mr Poirot. Here's her card." The card bore the inscription: Miss Esmée Farquhar, and Poirot, after diving under the table to retrieve a stray crumb, and putting it carefully in the waste-paper-basket, nodded to the landlady to admit her.

In another minute one of the most charming girls I have ever seen was ushered into the room. She was perhaps about five-and-twenty, with big brown eyes and a perfect figure. She was welldressed and perfectly composed in manner.

"Sit down, I beg of you, mademoiselle. This is my friend, Captain Hastings, who aids me in my little problems."

"I am afraid it is a big problem I have brought you today, Monsieur Poirot," said the girl, giving me a pleasant bow as she seated herself. "I dare say you have read about it in the papers. I am referring to the theft of Liberty Bonds on the Olympia." Some astonishment must have shown itself in Poirot's face, for she continued quickly: "You are doubtless asking yourself what I have to do with a grave institution like the London and Scottish Bank. In one sense nothing, in another sense everything. You see, Monsieur Poirot, I am engaged to Mr Philip Ridgeway."

"Aha! and Mr Philip Ridgeway -"

"Was in charge of the bonds when they were stolen. Of course no actual blame can attach to him, it was not his fault in any way. Nevertheless, he is half distraught over the matter, and his uncle, I know, insists that he must carelessly have mentioned having them in his possession. It is a terrible set-back in his career."

"Who is his uncle?"

"Mr Vavasour, joint general manager of the London and Scottish Bank."

"Suppose, Miss Farquhar, that you recount to me the whole story?"

"Very well. As you know, the Bank wished to extend their credits in America, and for this purpose decided to send over a million dollars in Liberty Bonds. Mr Vavasour selected his nephew, who had occupied a position of trust in the Bank for many years and who was conversant with all the details of the Bank's dealings in New York, to make the trip. The Olympia sailed from Liverpool on the 23rd, and the bonds were handed over to Philip on the morning of that day by Mr Vavasour and Mr Shaw, the two joint general managers of the London and Scottish Bank. They were counted, enclosed in a package, and sealed in his presence, and he then locked the package at once in his portmanteau."