Walter Moody and Aubert Gascoigne (who apparently are friends now) are having lunch in Maxwell's. He receives a message saying his trunk has been retrieved from the Godspeed and sent to his room at the Crown.
Since Emery Staines's body wasn't found, Moody concludes that his theory about seeing a spirit on the barque wasn't so far-fetched after all. Gascoigne disagrees.
We get some of Moody's thoughts. Despite being offered a room at the Gridiron (Anna's old room, in fact), he had turned it down. It seems he was trying to stay aloof from the Crown men, sure that one of them would betray the others eventually.
They discuss the likelihood that Staines was dead and the upcoming séance that night—and Anna's probable participation.
They also discuss whether Mrs. Wells was aware of the gold under Gascoigne's bed. Gascoigne thinks Anna had probably not told Lydia about it.
The two men then part so that Moody could go get a look at his trunk / see if it was damaged.