The President stirred uneasily in his place. "Well, I ain't quite worked that scheme out, Joe. But I smell the deal. There's a Russian post along there some'eres. Where they catch sea-otters. And the skins o' sea-otters are selling this very day for seventy dollars at any port in China."

"I s'y," piped up Ally Bazan, "I knows a bit about that gyme. They's a bally kind o' Lum-tums among them Chinese as sports those syme skins on their bally clothes—as a mark o' rank, d'ye see."

"Have you figured at all on the proposition, Cap'n?" inquired
Hardenberg.

"There's risk in it, Joe; big risk," declared the President nervously.
"But I'd only ask fifteen per cent."

"You have worked out the scheme, then."

"Well—ah—y'see, there's the risk, and—ah—" Suddenly Ryder leaned forward, his watery blue eyes glinting: "Boys, it's a jewel. It's just your kind. I'd a-sent for you, to try on this very scheme, if you hadn't shown up. You kin have the Bertha Millner—I've a year's charter o' her from Wilbur—and I'll only ask you fifteen per cent. of the net profits—net, mind you."

"I ain't buyin' no dead horse, Cap'n," returned Hardenberg, "but I'll say this: we pay no fifteen per cent."

"Banks and the Ruggles were daft to try it and give me twenty-five."

"An' where would Banks land the scheme? I know him. You put him on that German cipher-code job down Honolulu way, an' it cost you about a thousand before you could pull out. We'll give you seven an' a half."

"Ten," declared Ryder, "ten, Joe, at the very least. Why, how much do you suppose just the stores would cost me? And Point Barrow—why, Joe, that's right up in the Arctic. I got to run the risk o' you getting the Bertha smashed in the ice."