After seeing Phelps at Woking, Holmes makes some inquiries in town. He visits Lord Holdhurst, Phelps's uncle, the Foreign Secretary, who gave his nephew his important task of copying the treaty, but Holmes dismisses him as a suspect, and is quite sure now that no one could have overheard their discussion about the task. Lord Holdhurst reveals to Holmes the potentially disastrous consequences that might occur if the treaty should fall into the hands of the French or Russian embassies. Fortunately, nothing has yet happened, despite the many weeks since the theft. Apparently, the thief has not yet sold the treaty, and Lord Holdhurst informs Holmes that the villain's time is running out, as the treaty will soon cease to be a secret. Why, then, has the thief not sold the treaty?