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in it for the mastery. It was evident that, brought up as he had been with a profound respect for the sacred rights of property, it was impossible for him to believe that the man could live who would have the audacity to behave towards him, John Leversidge, of Hatton Garden, as Peach and his gang were now said to be doing. He clenched his fists as he realized that the success of the enterprise depended entirely upon our being able to beat the others at their own game, and from the gleam I saw in his eye I guessed that there was not much the old boy would not do and dare to get possession of what had been bought and paid for by his firm, and what he therefore considered to be his own lawful property.

      "If it is as you say, Mr. Collon," he said, at length, "there can be no possible doubt as to what sort of action we should take. Come what may we must be on the spot first. I believe I am doing as my firm would wish when I say that those other rascals must be outwitted at all costs. If this man you speak of, this Peach, is a bad one to beat, let me tell you so am I. We'll make a match of it and see who comes out best. I can assure you I have no fear for the result."

      "Bravely spoken," I said. "I like your spirit, Mr. Leversidge, and I'm with you hand and glove. I've beaten Jimmy before, and on this occasion I'll do so again."

      "I only hope and trust you may," he answered. "And now what do you advise? What steps should we take first? Give me your assistance, I beg, for you must of necessity be better versed in these sort of matters than I. It seems to me, however, that one thing is very certain: if these men sailed yesterday in their schooner, and they have a day's start of us, we shall find it difficult to catch them. We might do so, of course; but it would be safer to act as if we think we might not. For my own part I do not feel inclined to run the risk. I want to make it certain that we do get there before them."

      "The only way to do that is, of course, to charter a steamer," I replied, "and that will run into a lot of money. But it will make it certain that we get the better of them."

      "In such a case money is no object. We must keep our word to the Emperor, and to do that my firm would spend twice the sum this is likely to cost. But the question is, where are we to find the steamer we want? I found it difficult, nay, almost impossible, to get even a schooner this morning. And for the only one I could hear of the owner asked such a preposterous price that I did not feel disposed to give in to his demands until I had consulted you upon the subject, and made certain that we could not find another. What do you recommend?"

      I considered the matter for a moment. I had had experience of Java shipowners before, and I knew something of their pleasant little ways. Then an idea occurred to me.

      "I think if you will let me negotiate the matter, Mr. Leversidge," I said, "I may be able to obtain what you want. The man of whom I spoke to you just now, the same who gave me the information regarding Peach and his party, is the person to apply to. For a consideration I have no doubt he would find us a vessel, and though we may have to pay him for his trouble, he will take very good care that we are not swindled by any other party. There is one more suggestion I should like to make, and that is that you should let me telegraph to a person of my acquaintance in Thursday Island to send a schooner down to a certain part of the New Guinea coast, in charge of men he can trust. We could then on arrival tranship to her, and send the steamer back without letting those on board know anything of our errand. What do you think of that arrangement? In my opinion it would be the best course to pursue."

      "And I agree with you," he answered. "It is an admirable idea, and I am obliged to you for it. We will put it into execution without loss of time. As soon as you have seen this man Maalthaas we will send the message you speak of to Thursday Island."

      "I will see him at once," I replied. "There is no time to be lost. While we are talking here that schooner is making her way to the scene of the catastrophe as fast as she can go."

      I accordingly departed, and in something less than a quarter of an hour was once more seated in the venerable Maalthaas' room. It did not take long to let him know the favour we wanted of him, nor did it take long for him to let me understand upon what terms he was prepared to grant it. "You won't come down in your price at all, I suppose?" I said, when he had finished. "What you ask is a trifle stiff for such a simple service."

      "Not a guelder," he answered briefly.

      "Provided we agree, when can we sail?"

      "To-morrow morning at daylight, if you like. There will be no difficulty about that."

      "And you guarantee that the men you send with her can be trusted?"

      "Nobody in this world is to be trusted," he answered grimly. "I've never yet met the man who could not be bought at a price. And what's more if I did meet him I would be the last to trust him. What I will say is that the men who work the boat are as nearly trustworthy as I can get them. That's all."

      "All right. That will do. I will go back to my principal now and let him know what you say. If I don't return here within an hour you can reckon we agree to your terms, and you can go ahead."

      "No, thank you, Mynheer," said Maalthaas; "that won't do at all. If I receive the money within an hour, I shall take it that you agree, not otherwise. Half the money down and the remainder to be paid to the captain when you reach your destination. If you want him to wait for you and bring you back, you must pay half the return fare when you get aboard, and the balance when you return here. Do you understand?"

      "Perfectly. I will let you have an answer within an hour."

      Fifteen hours later the money had been paid, the cablegram to Thursday Island despatched, and we were standing on the deck of the Dutch steamer König Ludwig, making our way along the Java coast at the rate of a good fifteen knots an hour.

      "If Master Peach doesn't take care we shall be in a position to throw him a towline by this time on Saturday morning," I said to Mr. Leversidge, who was standing beside me.

      "I devoutly hope so," he answered. "At any rate, you may be sure we'll make a good race of it. What shall we call the stakes?"

      "The Race for a Dead Man's Pearls," said I. "How would that do?"

      CHAPTER V

      To my surprise before we had been twenty-four hours at sea every one on board the König Ludwig seemed to have imbibed a measure of our eagerness, and to be aware that we were not in reality engaged in a pleasure trip, as had been given out, but in a race against a schooner which had sailed from the same port nearly forty-eight hours before. As a matter of fact it was Mr. Leversidge who was responsible for thus letting the cat out of the bag. Imperative as it was that the strictest reticence should be observed regarding our errand, his excitement was so great that he could not help confiding his hopes and fears, under the pledge of secrecy, of course, to half the ship's company. Fortunately, however, he had the presence of mind not to reveal the object of our voyage, though I fear many of them must have suspected it.

      It was on the seventh day after leaving Batavia that we reached that portion of the New Guinea coast where it had been arranged that the schooner, for which I had telegraphed to Thursday Island, should meet us. So far we had seen nothing of Peach's boat, and in our own hearts we felt justified in believing that we had beaten her. Now, if we could only change vessels, and get to the scene of action without loss of time, it looked as if we should stand an excellent chance of completing our business and getting away again before she could put in an appearance. After careful consideration we had agreed to allow the steamer to return without us to Java, and when we had done our work to continue our journey on board the schooner to Thursday Island. Here we would separate, Leversidge returning with his treasure to England viâ Brisbane and Sydney, and I making my way by the next China boat to Hong-Kong, where I intended to lay by for a while on the strength of the money I was to receive from him. But, as you will shortly see, we were bargaining without our hosts. Events were destined to turn out in a very different way from what we expected.

      It was early morning – indeed, it still wanted an hour to sunrise – when the captain knocked at our respective cabins and informed us that we had reached the place to which it had been arranged in the contract he should carry us. We accordingly dressed with all possible speed, and having done so made our way on deck. When we reached it we found an unusually still morning, a heavy mist lying upon the face of the

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