"Great Scott. Great Scott, it's true, then. Forrest was right; Bates was right; you are connected with that ring."

Stratton smiled. "I admit I once served an apprenticeship."

"You once served an apprenticeship?" repeated Philip quickly. "You mean you are now able to conduct one of your own. And—you know a man who can take charge of the dope at that old hotel. See here, tell me this, have you tried the experiment there, already?"

Stratton nodded his head. "Several times. I had to, Captain. It was my only way to make the final payments on my schooner; she cost me more than I expected; and I had to outfit her."

"What I want to know is, did you smuggle any of the stuff over on my yacht?"

Again Stratton nodded. "You see how well the scheme worked. You never suspected it."

"I could inform on you," said Kingsley hotly. "I will do it, by George, the first time I see Bates."

"No,"—Stratton watched his victim's face,—"you will not, Captain, when you stop to think."

"Why not?"

"Because you yourself would be implicated."