On the admittedly fragile basis of these two remarks, I have developed a hypothesis—a vague one—that the ship that was looted off Sanlúcar de Barrameda contained something of great importance to those—and I now number Lothar among them—who put stock in Alchemy. It appears that M. le duc d’Arcachon, in concert with his Turkish friends, has stolen that cargo—but perhaps they do not comprehend what it is. Now, all of the Alchemists are up in arms about it. This would explain how Lothar has come to be so well-informed as to what is happening in Versailles and in Paris, for many members of the Esoteric Brotherhood are to be found in both places, and perhaps Lothar has been getting despatches from them.