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he cried. "That's what you were going to say, I suppose?"

      The start I could not prevent myself from giving must have shown him that he had scored a bull's-eye. But I recovered myself almost instantly, and by that time had made up my mind as to the course I should pursue. "No, I don't suppose it is the full value of the pearl," I answered. "It's hardly likely it would be. Still, we must live, and, as perhaps you know, business has not been very brisk of late. How have you been doing yourself?"

      "Nothing at all," he answered; and then added significantly, "I'm looking out for something now. 'Make hay while the sun shines,' is my motto, and I've always found it a good one."

      "I'm sorry, then, that I can't help you to anything," I said. "If I could you know I'd go out of my way to do so, don't you?"

      Once more he glanced at me and chuckled. From what I knew of his ways, I could see that there was some mischief still to come.

      "You were always grateful for a little help, my boy, weren't you? We've had many a good bit of business together at one time or another, if my poor old memory serves me. It is just possible now that I can do you a good turn, but I'm a poor man, and I want something for my trouble."

      "What can you do for me?" I asked, as I searched his crafty old face with my eyes, in the hopes of getting some inkling of what he had in his mind.

      "I can give you a warning about this present bit of work of yours," he said. "It may save you a lot of trouble, and not only trouble but a bit of danger, too, if what I hear is correct."

      "The deuce you can!" I said; "and pray, what may that warning be?"

      "Not too fast, my friend," he answered. "Before I tell you I want my return. Give me the information I ask, and you shall know all I've got to tell. It's worth hearing, I give you my word."

      "Well, what is it you want to know? I've trusted you before, and I don't mind doing so again. Ask your question and I'll answer it. But if you get up to any larks, or play me false, why just you look out for yourself, that's all."

      "I'm not going to play you false," he answered, with another contortion of his face. "What I want to know is, when you induced the Sultan of Pela-Pelu to hand you over that Portugee chap, for whom the Tsungli-Yamen in Pekin offered that reward, what was the threat you used? I've got a little game to play there, and I want to be able to pinch him so as to make him squeal in case he refuses me. Tell me how you managed it, and I'll give you the information you need."

      Before I answered him I took a minute or so to consider my position. I did not want to betray my secret unless I was absolutely compelled to do so, and yet I had good reason for believing that the old fellow would not have hinted that there was something I ought to know, unless his news were worth the telling. However, at last I made up my mind, took out my pocket-book and turned up a certain entry.

      "There it is," I said, as I handed it to him to read. "I got that information first hand, so I know it can be relied upon. I threatened him with exposure, and though he was very high up the tree before, he soon climbed down."

      Maalthaas read what was written on the page twice over, and then scribbled a few notes on a piece of paper, which he took from under his pillow. Having done so, he handed me back the book, which I pocketed.

      "Now what have you got to tell me?" I inquired.

      "First answer me one question," he said. "You're off to the wreck of the Monarch of Macedonia, are you not?"

      "I'm not going to say whether we are, or are not," I answered; "but suppose, for the sake of argument, we are. What then?"

      He leaned a little closer towards me, and his crafty old eyes twinkled in his head like two brilliant stars.

      "In that case," he said, "my advice is, make haste, for you may be sure of one thing, and that is that you're not the first."

      I sprang to my feet on hearing this. "Not the first!" I cried. "What the deuce do you mean? Why are we not the first?"

      "Because a schooner started yesterday for the wreck, with a full diving plant aboard. Jim Peach is running the show, and he has Yokohama Joe with him."

      I did not wait to hear any more, but picking up my hat made for the door, and before you could have counted fifty was flying up the street at my best speed. Jim Peach had beaten me once before, he was not going to do so again if I could help it.

      CHAPTER IV

      As I reached the hotel again after my interview with that crafty old rascal, Maalthaas, I saw Mr. Leversidge entering it by another gate. I hurried after him and just managed to catch him as he was crossing the verandah to pass into his own sitting-room. He turned sharply round on hearing my step behind him, and one glance at my face must have told him that there was something the matter. His face turned pale, and I noticed that his mouth twitched nervously.

      "What is it?" he asked breathlessly. "What is it you have to tell me? I can see there is something wrong by your face."

      "There is indeed something wrong," I answered. "Come inside and let me tell you. I hurried back on purpose to let you know at once."

      "I am obliged to you," he said. "Now come inside. Your face frightens me. I fear bad news."

      "It is not good news I have to tell you, I'm afraid," I replied. "But still, if we're sharp, we may be able to remedy the mischief before it's too late. First and foremost you must understand that this morning I called upon an old friend who lives here, one of the sharpest men in the East, if not the very sharpest. He's a man who knows everything; who would in all probability be able to tell you why that Russian cruiser, which was due in Hong Kong last Friday, at the last moment put back to Vladivostock, though she did not require coal, and had nothing whatever the matter with her. Or he will tell you, as he did me, the reasons which induced a certain English jewel merchant to hasten to Colombo from Madras, and then come on to Java in company with a man named Christopher Collon."

      "Do you mean to say that our business here is known to people?" he cried in alarm. "In that case we are ruined."

      "Not quite, I think," I answered; and then with a little boastfulness which I could not help displaying, I added, "In the first place it is not known to people. Only to one person. In the second, Maalthaas may play fast and loose with a good many folk, but he dares not do so with me. I carry too many guns for him, and we are too useful to each other to endeavour in any way to spoil each other's games. But for him I should never have known what has happened now until it would have been too late to remedy it."

      "But you have not yet told me what has happened," said Mr. Leversidge in an aggrieved tone.

      "Well, the fact of the matter is," I said, "while we have been congratulating ourselves on our sharpness, we have very nearly been forestalled in what we intended doing. In other words, we are not so early in the field as we thought we were."

      "What do you mean? Not so early in the field. Do you mean to tell me there is some one else trying to do what we are going to do? That some one else is setting off for the wreck?"

      "I do," I answered, with a nod of the head. "You have just hit it. A schooner left Tanjong Priok yesterday with a diver aboard, and as far as I can gather – and there seems to be no doubt about the matter – she was bound for the wreck."

      "Do you mean a Government vessel? Surely she must have been sent by the authorities?"

      "I don't mean anything of the sort," I said. "The only authority she is sent by is Jim Peach, one of the sharpest men in these waters. And when I tell you that he is aboard her, and that he has Yokohama Joe, the diver, with him, I guess you'll see there's real cause for alarm. At any rate, Mr. Leversidge, it's my opinion that if we're not there first we may as well give up all thought of the pearls, for they'll get them as sure as you're born – don't you make any mistake about that. I've never known Jimmy Peach fail in what he undertook but once. He's a bad 'un to beat is Jimmy. He knows these waters as well as you know Oxford Street, and if, as I expect, it's his own schooner he's gone in, then we shall have all our time taken up trying to catch her."

      As I said this the old gentleman's face was a study. Expressions of bewilderment, anxiety, greed, and vindictiveness seemed

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