Merriman was asleep, and the quiet movement of the other did not awaken him. But Hilliard was in no frame of mind for repose. He was too much thrilled by the adventure through which he had passed, and the discovery which he had made. He therefore put away the idea of sleep, and instead gave himself up to consideration of the situation. He began by trying to marshal the facts he had already learned. In the first place, there was the great outstanding point that his suspicions were well founded, that some secret and mysterious business was being carried on by this syndicate. Not only, therefore, was he justified in all he had done up to the present, but it was clear he could not leave the matter where it stood. Either he must continue his investigations further, or he must report to headquarters what he had overheard. Next, it seemed likely that the syndicate consisted of at least six persons; Captain Beamish (probably from his personality the leader), Bulla, Coburn, Henri, and the two men to whom reference had been made, Archer, who had suggested forming the depot at Swansea, and Morton, who had been asked to make inquiries as to himself and Merriman.
