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huge headline telling of the sensational failure of the Davenheim bank. The disappearance of the famous financier took on a totally different aspect in the light of the revelation of the financial affairs of the bank.

Before we were halfway through breakfast, the door flew open and Japp rushed in. In his left hand was a paper; in his right was Poirot’s telegram, which he banged down on the table in front of my friend.

“How did you know, Monsieur Poirot? How the blazes could you know?”

Poirot smiled placidly at him. “Ah, mon ami, after your wire, it was a certainty! From the commencement, see you, it struck me that the safe burglary was somewhat remarkable. Jewels, ready money, bearer bonds⁠—all so conveniently arranged for⁠—whom? Well, the good Monsieur Davenheim was of those who ‘look after Number One’ as your saying goes! It seemed almost certain that it was arranged for⁠—himself! Then his passion of late years for buying jewellery! How simple! The funds he embezzled, he converted into jewels, very likely replacing them in turn with paste duplicates, and so he put away in a safe place, under another name, a considerable fortune to be enjoyed all in good time when everyone has been thrown off the track. His arrangements completed, he makes an appointment with Mr. Lowen (who has been imprudent enough in the past to cross the great man once or twice), drills a hole in the safe, leaves orders that the guest is to be shown into the study, and walks out of the house⁠—where?” Poirot stopped, and stretched out his hand for another boiled egg. He frowned. “It is really insupportable,” he murmured, “that every hen lays an egg of a different size! What symmetry can there be on the breakfast table? At least they should sort them in dozens at the shop!”

“Never mind the eggs,” said Japp impatiently. “Let ’em lay ’em square if they like. Tell us where our customer went to when he left The Cedars⁠—that is, if you know!”

Eh bien, he went to his hiding-place. Ah, this Monsieur Davenheim, there may be some malformation in his grey cells, but they are of the first quality!”

“Do you know where he is hiding?”

“Certainly! It is most ingenious.”

“For the Lord’s sake, tell us, then!”

Poirot gently collected every fragment of shell from his plate, placed them in the eggcup, and reversed the empty eggshell on top of them. This little operation concluded, he smiled on the neat effect, and then beamed affectionately on us both.

“Come, my friends, you are men of intelligence. Ask yourselves the question which I asked myself. ‘If I were this man, where should I hide?’ Hastings, what do you say?”

“Well,” I said, “I’m rather inclined to think I’d not do a bolt at all. I’d stay in London⁠—in the heart of things, travel by tubes and buses; ten to one I’d never be recognized. There’s safety in a crowd.”

Poirot turned inquiringly to Japp.

“I don’t agree. Get clear away at once⁠—that’s the only chance. I would have had plenty of time to prepare things beforehand. I’d have a yacht waiting, with steam up, and I’d be off to one of the most out-of-the-way corners of the world before the hue and cry began!”

We both looked at Poirot. “What do you say, monsieur?”

For a moment he remained silent. Then a very curious smile flitted across his face.

“My friends, if I were hiding from the police, do you know where I should hide? In a prison!”

“What?”

“You are seeking Monsieur Davenheim in order to put him in prison, so you never dream of looking to see if he may not be already there!”

“What do you mean?”

“You tell me Madame Davenheim is not a very intelligent woman. Nevertheless I think that if you took her to Bow Street and confronted her with the man Billy Kellett, she would recognize him! In spite of the fact that he has shaved his beard and moustache and those bushy eyebrows, and has cropped his hair close. A woman nearly always knows her husband, though the rest of the world may be deceived!”

“Billy Kellett? But he’s known to the police!”

“Did I not tell you Davenheim was a clever man? He prepared his alibi long beforehand. He was not in Buenos Aires last autumn⁠—he was creating the character of Billy Kellett, ‘doing three months,’ so that the police should have no suspicions when the time came. He was playing, remember, for a large fortune, as well as liberty. It was worth while doing the thing thoroughly. Only⁠—”

“Yes?”

Eh bien, afterwards he had to wear a false beard and wig, had to make up as himself again, and to sleep with a false beard is not easy⁠—it invites detection! He cannot risk continuing to share the chamber of madame his wife. You found out for me that for the last six months, or ever since his supposed return from Buenos Aires, he and Mrs. Davenheim occupied separate rooms. Then I was sure! Everything fitted in. The gardener who fancied he saw his master going round to the side of the house was quite right. He went to the boathouse, donned his ‘tramp’ clothes, which you may be sure had been safely hidden from the eyes of his valet, dropped the others in the lake, and proceeded to carry out his plan by pawning the ring in an obvious manner, and then assaulting a policeman, getting himself safely into the haven of Bow Street, where nobody would ever dream of looking for him!”

“It’s impossible,” murmured Japp.

“Ask Madame,” said my friend, smiling.

The next day a registered letter lay beside Poirot’s plate. He opened it, and a five-pound note fluttered out. My friend’s brow puckered.

Ah, sacré! But what shall I do with it? I have much remorse! Ce pauvre Japp! Ah, an idea! We will have a little dinner, we three! That consoles me. It was really too easy. I am ashamed. I, who would not rob a child⁠—

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