Audrey Horne wrote:
Pip has several meanings: 1. peep (the sound); 2. seed (as in orange or melon seed)
In the Sherlock Holmes story "The Five Orange Pips" people receive five (orange) pips/seeds as a warning. In "The Great Game" Sherlock knows that some societies used to send 5 pips. When he receives 5 (Greenwich) pips (the peeping sounds), he realizes that it is meant as a pun/reference to the 5 pips. This wouldn't work in translations because there is no connection between a peeping sound and orange seeds. The only connection is that both can be referred to as "pips" in English. At least this is how I understood the scene.
Yes that is what the scene was about & it was a nod to the canon by changing the 'pips' from seeds to the modern day Greenwich pips.
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Also, please note that sentences can also end in full stops. The exclamation mark can be overused.
Sherlock Holmes 28 March 13:08
Mycroft’s popularity doesn’t surprise me at all. He is, after all, incredibly beautiful, clever and well-dressed. And beautiful. Did I mention that?
--Mark Gatiss
"I know that you believe you understand what you think I said, but I’m not sure you realize that what you heard is not what I meant."
Robert McCloskey