"I will." The Doctor faced about, with a smile. "You must know then, ladies, that these two ruffians—for by this time there are two only—will presently be coming down to the next beach to launch their boat and leave the island. How do I know this? Because my study of treasure-hunters has given me a kind of instinct; or because, if you prefer it, I have observed that the moment—the crucial moment—when these fellows quarrel is always the moment when, having laid hands on as much as they can carry, they turn to retreat. You doubt my diagnosis, ma'am?" he asked, turning to Miss Belcher. "Then I can convince you even more simply. These men are not camping here to-night; they will not return to-morrow to fetch a second load; and for the sufficient reason that there is no second load. I know the amount of treasure hidden where they have been searching. Two men can lift and carry it easily."

"How do you happen to know this?" asked Miss Belcher, eyeing him from under contracted brows.

"For the excellent reason, ma'am, that I put the treasure there myself."

The answer, staggering to the rest of us, seemed to brace her together. She had lowered her musket at the beginning of the discussion; but now, throwing up her head with a sharp jerk, she levelled her eyes on Dr. Beauregard's, as straight as though they looked along a gun-barrel.

"Then it can hardly be for the sake of the treasure, sir, that you propose to deal with these men."

"It is not, ma'am."

"Nor solely to protect us from them, since you have brought us here, where we need never have come."

"No, ma'am. I brought you here because I cannot be in two places at once, and it was necessary to keep both parties under my eye. Having brought you, I am bound to protect you; but my main business here, and yours—or at any rate Captain Branscome's—is to punish."

"To punish? But why to punish?"

Dr. Beauregard hesitated, with a glance at Plinny and at me, who stood beside her.