"Oh, only a few hours since," I said lightly. His fang showed.

"That's so. But so far as my men know you've had it all along. Now I wonder where you hid it? Perchance in a steward's pantry, doctor?"

"Very likely," I assented.

His sombre eyes, which never smiled, scrutinised me.

"I'd put my shirt on it that 'twas you, doctor," he said presently. "What a man you are! It couldn't be that worm, Pye, naturally; so it must be you. I'm nuts on you."

I rose. "I'm afraid, Holgate, you can't offer any terms which would be acceptable," I said drily.

"Well, it's a fair exchange," he said. "I guess I can keep my men aloof for a bit, and we can get her off. There's not much the matter with the yacht. I'll land your party on the coast in return for the boodle."

"The Prince would not do it," I answered. "Nor would I advise him to do so—for one reason, if for no other."

I spoke deliberately and looked him in the face fully.

"What may that be?" he asked, meeting my gaze.