Fay turned and stared aft. “So the poor crawlers on that Island are face to face with the problem of finding the secrets of the dye industry?� he inquired.

“Oh, if they had all the formulae they could bankrupt the German game! I heard that secrets were brought through Switzerland. I never learned of anything coming of them. Sort of stalemated there! I suppose the Foreign Office was hoaxed.�

“Most likely,� said Fay, fearing to go further in the matter. “I did hear something to that effect. Too bad!�

The traveler clutched the rail and waited for the

boat to finish twisting on a downward lunge which followed the general outlines of a corkscrew. Fay glided off and forward. He stood in a shadow beneath the damp ladder that led upward to the wheel-house and chart-room. He grasped a stay and peered beyond the green glow which was thrown outward from a faint starboard light.

The wall of yellowish fog toward which they were ever steaming rested upon long oily rollers which were crossed by smaller waves. The North Sea gave forth a hollow sound as from some vast space. The hiss of their swift passage was like yeast in process of fermenting.

Clutched in the onward surge of the passage, he reviewed the words of the commercial traveler. There was food for thought in them. The great game to play concerned the destiny of a vast industry. Briefly, Germany was about ready to ruin the dye enterprises of the States and England. The matter hung on the thin thread of the cipher which Sir Richard had shown to him in that dingy house near the Embankment.

That, solved, would place the entire world on an equality. The little dye works could compete with the larger. The formulae would be open to any man. The galling monopoly, to come, would be removed. It all lay in that safe in Holland toward which the “fast� boat was steaming.

Fay stared at the yellow curtain and dug deep within his brain. It was possible to double back on his trail, soon after landing, and make for Scotland. From there he could take steamer to the States. It was

also possible to work by little-known lines through Stavanger and the northern cities. The Yard had no call upon him save a personal appeal.