"Well," snarled the young man, "you've come to the jumping off place, have you?"

"What do you mean by that?"

"You've chased the Shark to her lair, eh?" Moore added, with a leer.

"How do you know that we've been chasing the Shark?" demanded Ned.

"Oh, you wouldn't be running full speed unless you were after her."

"How do you know that we're not in Hong-kong harbor, ready to communicate with Washington and an American man-of-war?"

Ned thought the fellow's face turned a shade whiter as the suggestive words were spoken. However, he said nothing.

"Do you know where we are, if, as you seem to think, we have followed the Shark?" asked Ned.

"How should I know?"

Moore had evidently reached the conclusion that he had said too much at the opening of the conversation.