"All the same," said Larry, "it's a bit sickening that we aren't any nearer solving the mystery of where those pearls are hidden. Instead of the man leading us to them—he seems bent on going as far from them as he can!"

"I wonder if that old fellow did give him a message," said Pip, frowning. "You're sure you didn't see any sign of a message at all? Let's think now. All that old Johnny did was to mess about in the dust, drawing patterns with his stick. Nothing else."

Fatty was drinking his gingerbeer as Pip said this. He suddenly choked and spluttered, and Bets banged him on the back. "Whatever's the matter?" she said.

Fatty coughed, and then turned a pair of bright eyes on the Find-Outers. "Pip's hit it!" he said. "What a lot of blind donkeys we are! Of course—we saw that old chap giving the message to Number Three under our very noses—and we weren't smart enough to spot it!"

"What do you mean?" said every one, in surprise.

"Well—he must have been writing some kind of message with his stick, in the dust, of course, for Number Three to read!" said Fatty. "And to think it was there for us to read, too, if only we'd gone over and used our eyes. We're bad Find-Outers. Very bad indeed."

The others looked excited. Pip slapped Fatty on the shoulder. "Well, come on, let's go and see if the message is still there, idiot! It might be!"

"It might. But it's not very likely now," said Fatty, getting up. "Still, we'll certainly go and see. Oh—to think we never thought of this before. Where are my brains? They must have melted in this heat!"

The Find-Outers, with Buster in Fatty's basket, set off back to the village street. They came to the bench. It was empty—but obviously people had been sitting there, for there were paper bags strewn about. The children looked eagerly at the dust in front of the seat. Would there still be a message they could read?

There were certainly some marks in the dust, but not many, for somebody's feet had evidently scuffled about just there. Fatty sat himself down in exactly the same place in which the old man had been. He stared hard at the dust.

So did the others. "That looks like a letter W," said Fatty, at last, pointing. "Then there's a letter half rubbed out. And then that looks like an X. Then all the rest of the letters have been brushed out where people have walked on them. Blow!"

"W—something—X," said Larry, who was good at crosswords, with their missing letters. "W—A—X it might be that."

And then exactly the same thought struck all the Find-Outers at the same moment.

"WAXworks! That's what the word was!"

They stared at one another in the greatest excitement. Waxworks! Were the pearls hidden somewhere in the Waxworks Hall? It was a very likely place, a place that all the gang knew well. And Number Three had kept looking in at the door that afternoon.

"He kept peeping in—but he couldn't go and get the pearls, because there were too many people there!" said Fatty. "Golly, we've got the idea now! Now we've only got to go there and hunt, and we'll find the pearls somewhere—in the cupboard, perhaps, or under a floorboard."

"Let's go and look for them straightaway," said Larry, getting up. "Come on."

"We can't very well, under the nose of that red-haired boy," said Fatty. "Still, we'll go down to the Hall anyway." They set off and soon came to the Fair again.

"There's the red-headed boy over there—he's gone to his tea or something," said Bets, pointing. "Has he left the Hall empty for once?"

They hurried to see. There was a badly written notice stuck on the locked door. "Gone for tea. Back soon."

"Aha!" said Fatty, his eyes gleaming. "This couldn't be better for us. We'll get in at that window, Larry. It's sure to be open still."

It was still unfastened, and the children climbed in excitedly, almost tumbling on to the floor in their eagerness to go hunting for the pearls.

"Behind the curtains, in the cupboards, up the chimney, every place you can think of!" said Fatty, in a thrilled voice. "Go to it, Find-Outers. Solve the mystery if you can!"

Then such a hunt began. Every cupboard, every shelf, every nook and cranny in that Hall were searched by the bright-eyed Find-Outers. Buster, eager to help, though without the faintest idea of what they were looking for, scrabbled about too, having a vague hope that it might be rabbits.

Fatty even examined the floor-boards, but none of them was loose. At last, when it seemed as if every single place had been searched, the five children sat down to rest and discuss the matter.

"I suppose it is here, that necklace!" said Daisy. "I'm beginning to think it isn't."

"I feel as if I'm playing Hunt-the-Thimble," said Bets. "Where is the thimble? It must be in some jolly good place, that necklace!”

Fatty stared at Bets. "Bets," he said, "supposing we went out of the room, and you had to hide a pearl necklace somewhere here, what difficult place would you think of?"

Bets looked round the Hall and considered. "Well, Fatty," she said, "I've always noticed that when people play Hunt-the-Thimble, the most difficult hiding-places to find are the easiest ones really."

"What do you mean? " demanded Pip.

"Well," said Bets, "I remember looking everywhere for the thimble once—and nobody found it—and yet where do you think it was? On Mother's finger!"

Fatty was listening hard to Bets. "Go on, Bets," he said. "Suppose you had to hide that pearl necklace here, in this Hall—where would you hide it? It would have to be a good place, easy to get at—and yet one where ordinary people would never dream of looking for a valuable necklace."

Bets considered again. Then she gave a little smile. "Well, I know where I'd put it!" she said. "Of course I'd know! And it would be under the noses of every one, and yet nobody would notice it!"

"Where? " cried every one.

"I'll tell you," said Bets. "See Queen Elizabeth over there, in her grand clothes and jewels, standing looking so proud and haughty? Well, I'd put the pearl necklace round her neck with all the other necklaces, of course—and nobody would ever guess that among the false Woolworth ones there was a REAL one!"

Fatty leapt to his feet. "Bets, you're right. I'd got that idea half in my own mind, and now you've said all that, I'm sure you're right! I bet the necklace is there! Clever old Bets!"

They all ran to the stately wax figure of Queen Elizabeth whose neck was hung with brilliant necklaces of all kinds. Among them was a double necklace of beautifully graded pearls, with a diamond clasp—at least, the children felt sure it was a diamond one. Fatty lifted the necklace carefully off the figure's neck, undoing the clasp first.

The pearls shone softly. It was clear even to the children's eyes that they were not cheap ones, bought at a store. They were lovely, really lovely.

"These must be the missing pearls!" said Fatty, exultantly. "They really must! Golly, we've found them. We've solved that mystery! What will the Inspector say? Let's go and ring him up."

They climbed out of the window and hurried to their bicycles. Fatty had the wonderful necklace safely in his pocket. He couldn't believe that they really had found it—and in such an easy place too!

"But a jolly clever one," said Fatty. "To think it was under the eyes of scores of people today—and nobody guessed! It was safer on Queen Elizabeth's neck than anywhere else!"

"Look out—there's Goon!" said Larry.

"And Inspector Jenks with him!” cried Bets in delight. "Shall we tell him?"

"Leave it to me," ordered Fatty. "Good evening, Inspector. Come to hunt for the necklace too?"

"Frederick," said the Inspector. "I believe you were bicycling after the member of the gang called Number Three this afternoon, weren't you?"