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y should they? Remember, the existence of the new code went unsuspected until after World War One. Sovereign before 1912 was not even known by that name. As a matter of fact, I have been aware for some time that Sovereign actually smuggled gold into Germany in 1917, and Scotland Yard seems to have assumed this must have been the same bullion reported stolen in the series of 1911 thefts. Perhaps it was, Van Buren said dubiously. Then explain to me, if you will, the fake Sovereign cargo manifest listing for the Titanic. Obviously, Sovereign waited. for the Yard to be lulled into believing the gold was never sent. Nor did the Yard ever suspect that the gold might not be shipped directly to South America but to an interim destination for transshipment. Naturally, the loss of the bullion was never reported, it was illegal to begin with. Would you chaps listen to one more piece of convincing evidence? They nodded in unison. Montague smiled, very sure of himself now. I have spent years studying every aspect of that disaster, including its aftermath, and I recently ascertained a most interesting fact. After the sinking, a certain pseudonymous individual made discreet inquiries of several British salvage firms as to the possibility of exploring or even raising the liner. I have a copy of the letter he sent to each company. He was discouraged, of course-no such salvage technology existed at the time. That same individual was later identified as Richard Dunbar, a Welshman who was one of the principal brains behind Sovereign and may have been the rings original organizer. In 1938, Dunbar went to prison, where he died four months later, taking the Titanics secret with him ... until I stumbled upon that manifest item. The Sovereign gang dissolved shortly after World War Two, the major leaders either imprisoned or dead. Most of them, by the way, were British subjects, with a sprinkling of French, Belgian, and Spanish cohorts. There was one German involved in the hierarchy. None ever talked, apparently believing in the logical supposition that the gold was lost forever. Montague leaned back in his chair. After all I have told you, I cannot believe either of you can still dismiss all this as coincidence or conjecture. It is all the evidence I need, Hawke said, with a side glance in the oceanographers direction. Van Buren sighed. Look, you two, stop daydreaming about gold and be practical. Water pressure increases by forty-four-point-four pounds per square inch for every additional one hundred feet of depth. The pressure where the Titanic lies has been estimated to be at least six thousand pounds per square inch. Let me ask you something, John. What was the maximum depth achieved by your submarines during the war? About six hundred feet for our subs, Hawke replied. But an American boat survived a depth-charge attack at seven hundred feet. Van Buren snorted derisively. Seven hundred feet, you say? Something of a miracle in itself, and you want to go more than eleve.

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