"We both thought the best resource was flight, when pursued by so formidable an antagonist; so you will find the nest empty when you call to-morrow. As to the photograph, your client may rest in peace. I love and am loved by a better man than he. The King may do what he will without hindrance from one whom he has cruelly wronged. I keep it only to safeguard myself, and to preserve a weapon which will always secure me from any steps which he might take in the future. I leave a photograph which he might care to possess; and I remain, dear Mr. Jan Manzer,

                                      "Very truly yours,                                    "IRENE NORTON, née ADLER."

"What a woman--oh, what a woman!" cried the King of Bohemia, when we had all three read this epistle. "Did I not tell you how quick and resolute she was? Would she not have made an admirable queen? Is it not a pity that she was not on my level?"

"From what I have seen of the lady she seems indeed to be on a very different level to your Majesty," said Jan Manzer coldly. "I am sorry that I have not been able to bring your Majesty's business to a more successful conclusion."

"On the contrary, my dear sir," cried the King; "nothing could be more successful. I know that her word is inviolate. The photograph is now as safe as if it were in the fire."

"I am glad to hear your Majesty say so."

"I am immensely indebted to you. Pray tell me in what way I can reward you. This ring--" He slipped an emerald snake ring from his finger and held it out upon the palm of his hand.

"Your Majesty has something which I should value even more highly," said Jan Manzer.

"You have but to name it."

"This photograph!"

The King stared at him in amazement.

"Irene's photograph!" he cried. "Certainly, if you wish it."

"I thank your Majesty. Then there is no more to be done in the matter. I have the honour to wish you a very good-morning." He bowed, and, turning away without observing the hand which the King had stretched out to him, he set off in my company for his chambers.

And that was how a great scandal threatened to affect the kingdom of Bohemia, and how the best plans of Mr. Jan Manzer were beaten by a woman's wit. He used to make merry over the cleverness of women, but I have not heard him do it of late. And when he speaks of Irene Adler, or when he refers to her photograph, it is always under the honourable title of the woman.