“Not here,” said Bethune dryly. “If we don’t turn up to claim it within a fixed time, or if any attempt is made to obtain possession of it in our absence it will be handed to the underwriters.”

“You seem to have taken precautions,” Clay remarked.

“We did the best we could,” Bethune admitted with a modest air.

“Imagining that you might sell the box to me?”

“No!” Jimmy interposed sternly. “That was not our plan. When my partner first let you make an offer for the wreck—”

Clay stopped him with a gesture.

“It was to lead me on—you needn’t explain. Very well; I suggested putting our cards down, and now I’ll tell you something you don’t suspect. There’s a duplicate of that box on board and it contains the gold.”

Jimmy started, Moran gazed at Clay with knitted brows, and Bethune looked frankly puzzled. Clay seemed quietly amused at their surprise.

“You don’t understand?” he said. “After all, there’s no reason why you should do so; but the truth of my statement is easily tested. Now I’ll ask you a question to which I want a straight answer. What are you going to do with the gold you get?”

“Deliver it to the underwriters and claim salvage,” said Jimmy promptly.