'I recalled myself to his notice, and we were soon chatting pleasantly enough. When I told him I was going to Polperran he remarked that that was a rum coincidence, because he himself was also bound for that place. I did not like to seem inquisitive, so was careful not to ask him what took him there. Instead, I spoke of my own interest in the place, and mentioned the wrecked Spanish galleon. To my surprise the inspector seemed to know all about it. 'That will be the Juan Fernandez,' he said. 'Your friend won't be the first who has sunk money trying to get money out of her. It is a romantic notion.'

''And probably the whole story is a myth,' I said. 'No ship was ever wrecked there at all.'

''Oh, the ship was sunk there right enough,' said the inspector-'along with a good company of others. You would be surprised if you knew how many wrecks there are on that part of the coast. As a matter of fact, that is what takes me down there now. That is where the Otranto was wrecked about six months ago.'

''I remember reading about it,' I said. 'No lives were lost, I think?'

''No lives were lost,' said the inspector; 'but something else was lost. It is not generally known, but the Otranto was carrying bullion.'

' 'Yes?' I said, much interested.

''Naturally we have had divers at work on salvage operations, but - the gold has gone, Mr. West.'

''Gone!' I said, staring at him. 'How can it have gone?'

''That is the question,' said the inspector. 'The rocks tore a gaping hole in her strong-room. It was easy enough for the divers to get in that way, but they found the strong-room empty. The question is, was the gold stolen before the wreck or afterwards? Was it ever in the strong-room at all?'

''It seems a curious case,' I said.

''It is a very curious case, when you consider what bullion is. Not a diamond necklace that you could put into your pocket. When you think how cumbersome it is and how bulky - well, the whole thing seems absolutely impossible. There may have been some hocus-pocus before the ship sailed; but if not, it must have been removed within the last six months - and I am going down to look into the matter.'