While the light lasts

And there it lies fixed like an anchor of hope,

All right and as safe as the hank."

"I like that song," I said appreciatively as Fenella finished.

"You should do," said Fenella. "It's about our ancestor, yours and mine. Uncle Myles's grandfather. He made a fortune out of smuggling and hid it somewhere, and no one ever knew where."

Ancestry is Fenella's strong point. She takes an interest in all her forbears. My tendencies are strictly modern. The difficult present and the uncertain future absorb all my energy. But I like hearing Fenella singing old Manx ballads.

Fenella is very charming. She is my first cousin and also, from time to time, my fiancée. In moods of financial optimism we are engaged. When a corresponding wave of pessimism sweeps over us and we realize that we shall not be able to marry for at least ten years, we break it off.

"Didn't anyone ever try to find the treasure?" I inquired.

"Of course. But they never did."

"Perhaps they didn't look scientifically."

"Uncle Myles had a jolly good try," said Fenella. "He said anyone with intelligence ought to be able to solve a little problem like that."

That sounded to me very like our Uncle Myles, a cranky and eccentric old gentleman, who lived in the Isle of Man and who was much given to didactic pronouncements.

It was at that moment that the post came - and the letter!

"Good Heavens," cried Fenella. "Talk of the devil - I mean angels - Uncle Myles is dead!"

Both she and I had seen our eccentric relative on only two occasions, so we could neither of us pretend to a very deep grief. The letter was from a firm of lawyers in Douglas, and it informed us that under the will of Mr. Myles Mylecharane, deceased, Fenella and I were joint inheritors of his estate, which consisted of a house near Douglas and an infinitesimal income. Enclosed was a sealed envelope, which Mr. Mylecharane had directed should be forwarded to Fenella at his death. This letter we opened and read its surprising contents. I reproduce it in full, since it was a truly characteristic document.

My dear Fenella and Juan,

for I take it that where one of you is the other will not be far away. Or so gossip has whispered.

You may remember having heard me say that anyone displaying a little intelligence could easily find the treasure concealed by my amiable scoundrel of a grandfather. I displayed that intelligence and my reward was four chests of solid gold - quite like a fairy story, is it not?

Of living relations I have only four: you two, my nephew Ewan Corjeag, whom I have always heard is a thoroughly bad lot, and a cousin, a Doctor Fayll, of whom I have heard very little, and that little not always good. My estate proper I am leaving to you and Fenella, but I feel a certain obligation laid upon me with regard to this "treasure" which has fallen to my lot solely through my own ingenuity. My amiable ancestor would not, I feel, be satisfied for me to pass it on tamely by inheritance. So I, in my turn, have devised a little problem.

There are still four "chests" of treasure (though in a more modern form than gold ingots or coins) and there are to he four competitors - my four living relations. It would be fairest to assign one "chest" to each - but the world, my children, is not fair. The race is to the swiftest - and often to the most unscrupulous.

Who am I to go against Nature? You must pit your wits against the other two. There will be, I fear, very little chance for you. Goodness and innocence are seldom rewarded in this world. So strongly do I feel this that I have deliberately cheated (unfairness again, you notice;). This letter goes to you twenty-four hours in advance of the letters to the other two. Thus you will have a very good chance of securing the first "treasure" - twenty-four hours' start, if you have any brains at all, ought to be sufficient.

The clues for finding this treasure are to be found at my house in Douglas. The clues for the second "treasure" will not be released till the first treasure is found. In the second and succeeding cases, therefore, you will all start even. You have my good wishes for success, and nothing would please me better than for you to acquire all four "chests," but for the reasons which I have already stated I think that most unlikely. Remember that no scruples will stand in dear Ewan's way. Do not make the mistake of trusting him in any respect. As to Dr. Richard Fayll, I know little about him, but he is, I fancy, a dark horse.

Good luck to you both, but with little hopes of your success,

Your affectionate uncle,

Myles Mylecharane

As we reached the signature, Fenella made a leap from my side.

"What is it?" I cried.

Fenella was rapidly turning the pages of an ABC.