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argument was imposing upon his listeners. “You may be right, and you may be wrong. We’ve got to chance it. It’s our only chance....”

      The rest of his words were drowned in the shouts of the hands insisting that the girl be given up to be held as a hostage. And then louder than before roared a gun away to leeward, and away on their starboard beam they saw the spray flung up by the shot, which had gone wide.

      “They are within range,” cried Ogle. And leaning from the rail, “Put down the helm,” he commanded.

      Pitt, at his post beside the helmsman, turned intrepidly to face the excited gunner.

      “Since when have you commanded on the main deck, Ogle? I take my orders from the Captain.”

      “You’ll take this order from me, or, by God, you’ll....”

      “Wait!” Blood bade him, interrupting, and he set a restraining hand upon the gunner’s arm. “There is, I think, a better way.”

      He looked over his shoulder, aft, at the advancing ships, the foremost of which was now a bare quarter of a mile away. His glance swept in passing over Miss Bishop and Lord Julian standing side by side some paces behind him. He observed her pale and tense, with parted lips and startled eyes that were fixed upon him, an anxious witness of this deciding of her fate. He was thinking swiftly, reckoning the chances if by pistolling Ogle he were to provoke a mutiny. That some of the men would rally to him, he was sure. But he was no less sure that the main body would oppose him, and prevail in spite of all that he could do, taking the chance that holding Miss Bishop to ransom seemed to afford them. And if they did that, one way or the other, Miss Bishop would be lost. For even if Bishop yielded to their demand, they would retain her as a hostage.

      Meanwhile Ogle was growing impatient. His arm still gripped by Blood, he thrust his face into the Captain’s.

      “What better way?” he demanded. “There is none better. I’ll not be bubbled by what Wolverstone has said. He may be right, and he may be wrong. We’ll test it. It’s our only chance, I’ve said, and we must take it.”

      The better way that was in Captain Blood’s mind was the way that already he had proposed to Wolverstone. Whether the men in the panic Ogle had aroused among them would take a different view from Wolverstone’s he did not know. But he saw quite clearly now that if they consented, they would not on that account depart from their intention in the matter of Miss Bishop; they would make of Blood’s own surrender merely an additional card in this game against the Governor of Jamaica.

      “It’s through her that we’re in this trap,” Ogle stormed on. “Through her and through you. It was to bring her to Jamaica that you risked all our lives, and we’re not going to lose our lives as long as there’s a chance to make ourselves safe through her.”

      He was turning again to the helmsman below, when Blood’s grip tightened on his arm. Ogle wrenched it free, with an oath. But Blood’s mind was now made up. He had found the only way, and repellent though it might be to him, he must take it.

      “That is a desperate chance,” he cried. “Mine is the safe and easy way. Wait!” He leaned over the rail. “Put the helm down,” he bade Pitt. “Heave her to, and signal to them to send a boat.”

      A silence of astonishment fell upon the ship—of astonishment and suspicion at this sudden yielding. But Pitt, although he shared it, was prompt to obey. His voice rang out, giving the necessary orders, and after an instant’s pause, a score of hands sprang to execute them. Came the creak of blocks and the rattle of slatting sails as they swung aweather, and Captain Blood turned and beckoned Lord Julian forward. His lordship, after a moment’s hesitation, advanced in surprise and mistrust—a mistrust shared by Miss Bishop, who, like his lordship and all else aboard, though in a different way, had been taken aback by Blood’s sudden submission to the demand to lie to.

      Standing now at the rail, with Lord Julian beside him, Captain Blood explained himself.

      Briefly and clearly he announced to all the object of Lord Julian’s voyage to the Caribbean, and he informed them of the offer which yesterday Lord Julian had made to him.

      “That offer I rejected, as his lordship will tell you, deeming myself affronted by it. Those of you who have suffered under the rule of King James will understand me. But now in the desperate case in which we find ourselves—outsailed, and likely to be outfought, as Ogle has said—I am ready to take the way of Morgan: to accept the King’s commission and shelter us all behind it.”

      It was a thunderbolt that for a moment left them all dazed. Then Babel was reenacted. The main body of them welcomed the announcement as only men who have been preparing to die can welcome a new lease of life. But many could not resolve one way or the other until they were satisfied upon several questions, and chiefly upon one which was voiced by Ogle.

      “Will Bishop respect the commission when you hold it?”

      It was Lord Julian who answered:

      “It will go very hard with him if he attempts to flout the King’s authority. And though he should dare attempt it, be sure that his own officers will not dare to do other than oppose him.”

      “Aye,” said Ogle, “that is true.”

      But there were some who were still in open and frank revolt against the course. Of these was Wolverstone, who at once proclaimed his hostility.

      “I’ll rot in hell or ever I serves the King,” he bawled in a great rage.

      But Blood quieted him and those who thought as he did.

      “No man need follow me into the King’s service who is reluctant. That is not in the bargain. What is in the bargain is that I accept this service with such of you as may choose to follow me. Don’t think I accept it willingly. For myself, I am entirely of Wolverstone’s opinion. I accept it as the only way to save us all from the certain destruction into which my own act may have brought us. And even those of you who do not choose to follow me shall share the immunity of all, and shall afterwards be free to depart. Those are the terms upon which I sell myself to the King. Let Lord Julian, the representative of the Secretary of State, say whether he agrees to them.”

      Prompt, eager, and clear came his lordship’s agreement. And that was practically the end of the matter. Lord Julian, the butt now of good-humouredly ribald jests and half-derisive acclamations, plunged away to his cabin for the commission, secretly rejoicing at a turn of events which enabled him so creditably to discharge the business on which he had been sent.

      Meanwhile the bo’sun signalled to the Jamaica ships to send a boat, and the men in the waist broke their ranks and went noisily flocking to line the bulwarks and view the great stately vessels that were racing down towards them.

      As Ogle left the quarter-deck, Blood turned, and came face to face with Miss Bishop. She had been observing him with shining eyes, but at sight of his dejected countenance, and the deep frown that scarred his brow, her own expression changed. She approached him with a hesitation entirely unusual to her. She set a hand lightly upon his arm.

      “You have chosen wisely, sir,” she commended him, “however much against your inclinations.”

      He looked with gloomy eyes upon her for whom he had made this sacrifice.

      “I owed it to you—or thought I did,” he said.

      She did not understand. “Your resolve delivered me from a horrible danger,” she admitted. And she shivered at the memory of it. “But I do not understand why you should have hesitated when first it was proposed to you. It is an honourable service.”

      “King James’s?” he sneered.

      “England’s,” she corrected him in reproof. “The country is all, sir; the sovereign naught. King James will pass; others will come and pass; England remains, to be honourably served by her sons, whatever rancour they may hold against the man who rules her in their time.”

      He showed some surprise. Then he smiled a little. “Shrewd advocacy,” he

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