At last the dinner ended, and as the guests passed into the drawing-room, Clameran and Raoul managed to remain last in the dining-room.

When they were alone, they no longer attempted to conceal their anxiety.

“It is he!” said Raoul.

“I have no doubt of it.”

“Then all is lost; we had better make our escape.”

But a bold adventurer like Clameran had no idea of giving up the ship till forced to do so.

“Who knows what may happen?” he asked, thoughtfully. “There is hope yet. Why did not that muddle-headed banker tell us where this Clameran is to be found?”

Here he uttered a joyful exclamation. He saw M. Fauvel’s memorandum-book lying on the table.

“Watch!” he said to Raoul.

Seizing the note-book, he hurriedly turned over the leaves, and, in an undertone, read: