The creek between the canal and the river flows under Lady's Stairs, a crazy wooden house inhabited by Li Yoseph - known to the police as a smuggler. The neighbourhood suspects he is rich, and knows he is mad. Mark McGill and the nervous Tiser arrive on the scene with Ann Perryman, sister of Ronnie. According to Mark (and confirmed by Li Yoseph), Bradly of Scotland Yard is responsible for Ronnie's death. Then Li Yoseph disappears...