"We left Tlatonac at four yesterday. We will reach Acauhtzin at twelve to-day. Three hundred miles in twenty hours. That is not bad for slow steaming. Had I kept her at full speed, she would have done it in fifteen!"

Tim, who had his glass up, gave an exclamation of surprise.

"What is it, Tim?"

"Three war-ships are lying in the harbour."

"I thought as much," replied Philip, calmly; "we will have to run the blockade."

Tim pointed upward to the Union Jack.

"If they fire on that," he said slowly, "Xuarez is not the clever man I take him to be. What do you say, Jack?"

"Say!" repeated Jack, who was looking ahead with clenched fists, "that one of those three ships is The Pizarro, and that Dolores is on board."

CHAPTER II.
ACAUHTZIN.

Here, where mingle rocks and sands,