"You 'member officer from gun-boat, Apia?"

"Ay!" said Harris. He did remember the lad, and the rather inexplicable friendliness shown him by Saxon and Vaiti during the stay in port of the Alligator.

"He show me photo Delgadas. Alligator he been go all round him, mark him right for chart, because he all wrong. Officer give my father bearings; say plenty talk and show photo. He dam fool officer, I think; he not know that kind place mean pearl-shell, and we not tell anything."

Harris mounted the rigging, and surveyed the reef from the main cross-trees. It was the best part of a mile away; a creaming circle of foam on the sea's blue surface, enclosing a pallid spot of green. Vaiti, who had followed him, flung one arm round the mast, and, leaning outwards towards the horizon, surveyed the reef intently. Within that ring of foam—the grave of many a gallant ship that had sailed the fair Pacific as bravely as their own little schooner—might lie many thousands of pounds. The repurchase of the Sybil, once Saxon's sole property, now partly owned by a trading syndicate; the regaining of her captain's lost position in decent society—perhaps the realisation of half a hundred luxurious dreams, dreamed on coral beaches under the romance-breeding splendours of the tropic moon—all this, and more, hung on the chances of the next few hours.

There was silence for the space of a minute or two, as the man and woman swung between earth and heaven, staring across the sun-dazzled plain of sea. Then, in one instant, the dream broke, and the rainbow fragments of that bubble of glory scattered themselves east and west. For across the bar of the level horizon slipped a small, pointed, pearl-coloured sail, growing as they watched it, flying past, and heading all too surely for the Delgadas reef.

Vaiti flung herself round a backstay, and slid down to the deck, with a word on her lips that would have justified the bo'sun's recent judgment, could he have caught it. Harris followed, swearing fully and freely. It was evident to both that the newcomer had special business with the reef as well as themselves; and they wasted no time, acting in concord, and without dispute, after a fashion that was new on board the Sybil. Within half an hour they had reduced the distance between the ship and the reef to a quarter of a mile; nearer than that even Vaiti did not care to go, for the weather looked unsettled, though the wind was off the reef. The whale-boat, with a picked crew, was lowered, and sent flying towards the break in the reef, while the mate, burning to be in her, but conscious that his duty must keep him on the ship, paced excitedly up and down the deck, glass in hand, watching the advance of the stranger ship from time to time. She was a good two hours' sail away as yet; and surely first possession was worth something, even out here in the lawless South Seas!

CHAPTER II

A RACE FOR A FORTUNE

Before an hour was over, the wind had freshened considerably, and the mate began to feel anxious for the safety of the boat, in case he should be obliged to run for it from the neighbourhood of the treacherous reef. That Vaiti would return an instant sooner because of the threatening weather he did not expect, knowing the dare-devil recklessness of her character too well. It was certain, however, that he might lose the ship, and incidentally himself, by waiting too long; and it was equally certain that Saxon, once recovered, would put a bullet through his mate's head if Vaiti came to harm. And all the time that threatening sail was growing larger and larger.

It was an unspeakable relief, though no less of a surprise, when he saw that the boat was actually heading towards the ship again, the sail up and every oar hard at work. He did not remember having seen Tai go down, in any of his hurried inspections through the glass, and the time was certainly short. What did it all mean?