[boost] Invoking a library's build//stage ignores --stagedir?

Let's suppose that for some random reason I want to stage Boost.System into c:\stage with the current directory being outside the Boost root, which is at c:\projects\boost-git\boost: C:\Users\Peter Dimov>b2 -sBOOST_ROOT=c:\projects\boost-git\boost --stagedir=c:\stage c:/projects/boost-git/boost/libs/system/build//stage This doesn't work. Or rather, it works, but stages into C:\projects\boost-git\boost\libs\system\stage, ignoring the --stagedir. I have no idea why. I tried to debug with -d+7, and BOOST_STAGE_LOCATE is set correctly from --stagedir, but then Boost.System is staged to its local stage directory. Does anyone have an idea what's wrong here?