"Listen."

Mascola turned quickly in his seat and looked over the stern. At the same time his right hand sought his dagger.

Bandrist twisted about, his eyes searching the gray waters astern.

"I don't," he began. But his words ended in a choking gasp.

Mascola's knife had found its mark and the Italian's fingers were tearing at Bandrist's throat.

The islander struggled to reach his gun, but he felt his strength leaving him. The moonlight shimmered before his eyes, mingled with gray splashes of fog. A sharp pain laced his side. His mouth opened and he fought hard for air. Heavy darkness began to settle about him. From the far-off spaces he heard the sound of rapid breathing. Or was it the faint pulsing of a motor-launch? Then the murmur grew fainter until it trailed away into silence. Mascola pulled the islander roughly from the seat and dragged him along the floor of the cockpit. Then he sprang to the wheel and started the motor. There was no time now to get the money. The fog was lifting. And there was a boat following.

Clear of the Diablo reefs, Gregory took the wheel and plunged the Richard into the shifting wall of fog. Mile after mile he traversed in silence, stopping at intervals to listen to the faint pulsing of the boat ahead. At length the gray canopy lifted slowly from

the water and he caught the outline of the Richard's broad hood rising staunchly above him in the gloom. He smiled grimly at the sight. The motor had not missed a shot since leaving the island. And they were overhauling the Fuor d'Italia.

He threw the switch again as his eye caught the gleam of the moonlight ahead. For some moments he listened intently. But only the soft slap of the waves against the hull of the launch disturbed the stillness.

Mascola had escaped him; had noted the clearing and heard the sound of pursuit; had doubled back into the fog bank. Anguish took possession of his heart at the thought as he reached for the switch. But neither Gregory nor Dickie Lang heard the rasp of the starting mechanism. The sound was swallowed up in a deafening roar which came from the moonlit waters ahead.