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"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 Holmes 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 Holmes.

"You have but to name it."

"This photograph!"