"Yet you would trust him in the matter of terms," I suggested.

Barraclough frowned. "We've got to," he said curtly, "unless you can show me a way to hold out."

"Oh! men have been in worse cases than ours and emerged all right—a little battered, no doubt. And then there's the coal. We can't cruise indefinitely. Holgate's got to put in somewhere."

"Oh, he's not going to wait for that!" said Barraclough moodily. "Look here, Phillimore; have you a guess at what he means to do?"

"I have about ten guesses," I replied, shaking my head, "and none of them fits the case. What's he going to do with us? That's his real difficulty and ours. The money problem's simple. I can't see what's at the back of that black mind, but I don't think it's hopeful for us—women included."

"There you are," he exploded savagely. "Anything if we can prevent the worst."

"Yes," I assented. "Provided you can trust to Holgate's word. But would he let us off at any price and run the risk? And, moreover, the Prince. What of him?"

"He would refuse. He wouldn't budge. He's a nuisance," said Barraclough moodily. "He's our stumbling-block."

"Quite so; and if we all caved in but Mr. Morland, what must his fate be? And we should look on, shouldn't we? And then go home in a tramp steamer, a happy family party with a nice little secret of our own. Ten, twelve, well, say, sixteen of us. I can see Holgate trusting to that, and comfortably lolling back in Yokohama deck-chairs; and I can also see Sir John Barraclough reporting the total loss of the yacht Sea Queen, captain and owner and so-and-so going down with her. I can read it all in the papers here, and now; it will be excellent food for the ha'pennies!"

The frown deepened on his face as I proceeded, but, contrary to my expectation, he did not display any temper at my mocking speech. He shrugged his shoulders.