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far short of thirty. Of Legrand we knew nothing, but could only hope for the best. So long as we could hold the saloon we had plenty of food and water, and our stock of ammunition was ample. The outlook did not appear so bad. Only on the other side we had to remember that Holgate had the ship and could go whither he wished. Even if coal failed him he had the auxiliary power of the sails. Our main hope was to hold out until his provisions should be exhausted and he should be obliged to put into some port. Then would come the hour of reckoning, for we were probably better supplied with provisions than was the forecastle.

The ladies breakfasted in their cabins, but the Prince was present at our common table, showing a right democratic attitude.

"We are all in a common peril, gentlemen," he said with spirit. "We must not make differences. But there must be discipline," he added.

There was, therefore, a certain _camaraderie_ reigning which had been foreign to the yacht before, and Lane gave way to his native garrulity, enlivening the table by some anecdotes, at which even Barraclough condescended to smile.

"My hat!" cried the purser suddenly, slapping his flank. "They've not got what they fought for, and we've none of us thought of it."

There was a pause. It was true, none of us had thought of it; we had been too busy thinking of other things.

"Are you sure?" said I.

Lane rose. "Let's go and see," said he. "But I've all the keys, and I'll swear no one came down in the neighbourhood of the strong-room while I was there."

We trooped down, Prince and all, and it was as the purser had said. The safes were untouched. Barraclough elevated his eyebrows.

"The fools!" he commented.

"Well, it doesn't seem to me quite that," said I slowly. "It only looks as if Holgate was certain."

"What do you mean?" he asked, and they all looked at me.

"Why, if he did not take the trouble to touch this, he cannot be in a hurry. I never came upon a man with a cooler head. He's not in a hurry, that's a fact. It's been deliberate all through, from the very moment we left the Thames."

We looked at each other now. "Jerusalem!" said Lane. "What a savage! He's made sure of us, then."

"He can wait his time," I said. "He has waited, and can wait longer. The ship's in his hands."

"You take a gloomy view, sir," observed the Prince with a frown.

"Well, Mr. Morland," I replied drily. "I don't think we're here to glaze matters over. We've got to face things, and one of these things is that Holgate hasn't worried us since he got possession. How are you going to account for that, save on my hypothesis?"

"They shall be hanged--every one," he exclaimed angrily, the German accent emerging roughly now.

"Well, we'll do our best, sir," I replied lightly.

I shut the strong-room door, and Lane locked it; and, as I turned, I saw the white face of Pye in the background. He had been missing from breakfast, and he looked very sickly, very pale, and very much abashed. The Prince noticed him, too, and addressed him sharply.

"Why are you here, sir? What do you mean by leaving your quarters? I will have discipline kept on this ship."

"I have no quarters," pleaded Pye humbly. "I was feeling sick, and lay down in my bunk."

"You shall get to your quarters now, sir," declared the Prince severely. "Sir John, order this man to his post."

The little man was so downcast, and was obviously so unwell, that I took pity on him, and cheered him as he went upstairs.

"Never mind, Pye," I said. "We'll pull through."

He shook his head. "Ah, it isn't that," he said. "But I disgraced myself, doctor. I'm not built that way. It was awful--awful." He shuddered.

"Yes, we'll get our little tum-tums full of it now, I guess," remarked Lane cheerfully. "You freeze on to your barker, boy. You'll need it before we fetch up at Albert Docks again. It's Execution Docks for some of us, I'll lay. Have a cigar, doctor?"

I accepted, but Pye refused, turning a sallow hue. His nerves had not yet recovered, and he had certainly drunk a good deal of brandy. Ellison and Jackson were on watch below, and when we reached the corridor Grant signalled us in a whisper from his peep-hole.

"Some one coming along this way, sir."

Barraclough sprang to his side. "By Heaven, it's Holgate, damn him," he said, "with a flag of truce."

"Open that door," said the Prince evenly.

Grant turned the key and drew the bolt, and the door fell ajar. Holgate's big form was stationed before it, and he waved a flag.

"A truce, gentlemen," he said wheezily.

I looked at the Prince and Barraclough for the answer, and to my amazement saw that the former had his revolver at the level. His finger was on the trigger. I leaped forward and struck it up, and the bullet buried itself in the walls of the cabin.

"What do you mean, sir?" he thundered, turning on me savagely. "How dare you?"

"Mr. Morland," said I. "You spoke of discipline a little ago. Well, how do you keep it?"

"This is my ship," he said furiously.

"Yes," said I, "and it is in the charge of Sir John Barraclough here, who will tell you, perhaps, that it is against the laws of equity, not to say common sense, to fire on a flag of truce."

Sir John looked uneasy. "The doctor is right, sir," he said. "We ought to hear what he's got to say."

"He is a villainous murderer. I will see that they are hanged," said the Prince, with a scowl at me. But he let his arm fall. Behind him I could see the Princess, but her face was averted.

Holgate's figure blocked the doorway. "If I may come in," he said smoothly, "and you're quite done with your pistol practice, gentlemen, I should like to make a proposal to you."

"It shall be unconditional surrender, Sir John Barraclough," said the Prince morosely; "I will have no other terms."

"You may come in," said Barraclough shortly.

Holgate edged himself through. "I claim the protection of this flag," said he flatly, and looked about him. "I hope my men haven't knocked you about too much. Doctor, my respects to you. You've got a head on you."

"Come to business, sir," said Barraclough harshly.

"Sir John, I've saved your ship, and I hope you'll lay that to my credit," said Holgate in his leisurely voice. "I found her drifting on a lee shore when I took charge, and, by thunder, she'd have floundered in another half-hour. So whatever you set on one side of the ledger, there's that lump on the other."

"We're not here to talk about these matters," said Barraclough sternly.

"Excuse me, Sir John, we are," said Holgate sweetly. "We're just on that and nothing else. It's pretty clear how you stand, but if you like I'll rehearse the situation. And I want you to understand where _I_ stand. See? I don't think that's so clear to you; and I want ventilation. This is a duffing game for his Royal Highness there. He stands to make nothing out of it, as things go, and there's precious little in it for any of you. Here you are prisoners in these palatial rooms, outnumbered by more than two to one, and not a man of his hands among you, if I except the doctor. Well, you can hold out, I daresay. I know all about that. You've got a call on the food cupboard, and you're welcome to it. But I've got the yacht, and she'll canter under my hands, not Sir John's. Don't you make any mistake. You're not in a first-class position, gentlemen."

"You're a long time coming to the point," said Barraclough with exemplary curtness. "We have no time to waste."

"Well, gentlemen, I'm willing to make a deal--that's the short of it--a deal that will suit both parties. That's the pith of the situation."

He gazed from one to another of us unembarrassed, and even with an expression of amiable cheerfulness. "And my proposal's this----"

"Unconditional surrender," broke in the Prince's harsh voice.

"That so?" says Holgate without concern, directing a glance at the speaker. "I guess, Mr. Morland, you're in this for more than your health. So am I. But I should like to know before starting whom I've got to deal with, just by way of encouragement, so to say." He paused. "I don't want to pry into any secrets, but it would suit me better if I knew whom to address. Owing to the unfortunate decease of the late Captain Day----"

"You infernal ruffian; you murderer!" broke fiercely out of Lane's throat. "You'll hang yet, by heaven, or I'll eat my hat."

Holgate turned his heavy face and still sombre eyes upon the purser, but said nothing nor otherwise remarked his outburst. It was Barraclough who spoke:

"Excuse me, Mr. Lane, this is my affair, not yours," he said abruptly. "Go on, sir," to Holgate.

"I can wait, of course," said the mutineer with cool irony. "There isn't much hurry about the matter now the ship lays her course. But I should prefer a business deal with business people, and I take it that that means with you, Sir John."

Barraclough nodded. "You may address me," he said. "And you will get your answer from me."

"That's all right, then. And having settled so much, this is what I've got to lay before you," proceeded Holgate placidly, breathing out his words. "There's been a certain amount of pawn-taking in this game, and we've both got to pass it over if we're coming to business. Now you know what I want, and by this time you pretty well ought to know what you want also. You're in a tight fix. Well, if you'll hand over the contents of the strong-room we'll get out a proper contract, as thus: self to take the said contents, agreeing therewith to allow his Royal Highness, or Mr. Morland (which you will), a moiety of the same, provided that the party be landed at a suitable place not more than ten miles from a civilised town, and provided always that no more be heard of the steps leading up to this contract."

He came to a pause, and eyed us, with a gaze divested of any eagerness, even of any significance. The Prince uttered a loud laugh, but Barraclough, as became his position, kept his expression. I was a little out of the group, and I could pick out the faces of the company. The Princess had moved forward and leaned now with her chin on her open palm, and one foot upon the settee near the door. She was frankly staring at the mutineer who made these astounding proposals. The Prince and Barraclough conferred in whispers, and presently the latter resumed his position.

"If you want the contents of the strong-room," he said, "it is suggested that you had better come and take them."

Holgate's eyebrows went up. "Well, I could do that, of course," he said slowly. "Don't suppose I've overlooked that solution of the little problem. But I'm dealing with you squarely when I say I'd rather not. For why? Because I don't want any further mess.
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