"Stop, men," said I. "I have one thing to say before we go further. Two things. You shall hear about the treasure."

There was a pause. Holgate turned his black, incurious eyes on me, as if he wondered.

"I will tell you where the treasure is, if you will allow me to give you the history of a transaction," I said. My mind was quick, my nerve was cool. There was a chance in delay.

"Spit it out," said one of the men encouragingly. "The funeral will wait."

"Men, you've been taken in by that scoundrel there, your leader," I said, pointing at Holgate. "He's diddled you all through. Ask him about the treasure; ask him!"

The eyes of all went round to Holgate, who stood without a sign of discomposure.

"Well, are you going to let 'em go?" was all he said. Once again the interest of the group returned to me, but I was fighting hard for—Alix.

"Who was it planned this mutiny and the seizing of the treasure?" I cried. "Why, Holgate, you know well—Holgate and Pye. And who brought about the rising? Holgate again. Why didn't you push through and get hold of the treasure at the first? I suppose you were told it was too difficult. Well, it would have been difficult, but that wasn't the reason. It was because this man had got his accomplice aft, stealing the treasure against your coming. And so, when you came, where was it? Gone! Look here, men; I swear to you I saw this man and Pye gloating over the treasure they had removed before your coming. Oh, he's a cunning devil, is Holgate, and he's diddled you!"

There were some murmurs among the mutineers, who looked dubiously at their master, and Pierce spoke.

"That's all very well, but how are we to know it's not mere bluff? You're putting up a bluff on us."