“Ling Soo has perished in the flames of the Pung-Shoon.”

DARLEY was too astounded to reply. He stood, helpless, beside the cabin window, wondering at the strange transformation that had come over Foy. For, the crouching man was growing tall. His shadow lay across the floor, and seemed to hover over Darley like a phantom of death.

“You are wondering about Foy,” said The Shadow, in a mocking voice. “I am not Foy. I am The Shadow.”

Darley made no reply.

“Perhaps you have never heard of The Shadow,” resumed the sardonic voice. “Little wonder — for although The Shadow may be everywhere, The Shadow is seldom seen.

“It was I who rescued Cleve Branch from that den, the Sun Kew, where he went as Hugo Barnes. It was I who saved him from the knife of Foy, in your apartment.

“I found it necessary to kill Foy. I took his body with me. Some day it may be found. But I thought it best that Foy should seem to live — so I took his place.

“I learned your fiendish schemes while I lived there in the abode of Ling Soo. I attended the meetings of the inner group. I heard Green Eyes deliver his verdict of death to Cleve Branch. I saved the doomed man from that death.

“You cannot strive against me longer, Joseph Darley! I have learned every step in your plotting. This yacht is yours. Its pretended owner is a blind. On the way from San Pedro, you met the Pung-Shoon, and transferred its secret cargo to this vessel.

“While the Pung-Shoon burns, you are awaiting the Wu-Fan men who are coming to unload your million-dollar cargo. That list in your hand tells how the packages shall be distributed.”