There was no encouragement to be gained from the fact that they were well armed and sheltered from view, as all three realized after they had had time to think the matter over.

The men could easily find the gold and silver, run the yacht into some harbor, and there abandon her, or, making preparations to leave in the small boat at the proper moment, scuttle her.

It was more than probable they would pursue this last course, as Ned admitted to himself after studying the matter several moments, and he could not repress a shudder as he thought that even now they might be arranging such a plan.

The yacht need not be taken more than a dozen miles from the island of Cuba before the deed could be done with but slight chance of detection, and the treasure in the hold was sufficient to tempt such men as they undoubtedly were to commit even a greater crime in order to gain possession of it.

The watchers were sitting on the floor with their backs against the bunks, where they could have a full view of the skylight, and each held his revolver in his hand ready for immediate use.

“There’s precious little hope that either of you will get a chance to shoot,” Roy said after a long time of silence, during which he had remained with his face buried in his hands. “They are not obliged to come aft for everything, and even if it should be necessary, it could be done after dark when we can’t see them.”

“I’m a Dutchman if there isn’t one thing in our favor!” Ned cried as a sudden thought occurred to him.

“What is that?” Roy and Vance asked in concert.

“The boat is being towed behind. They have got to come around here before they can abandon the yacht.”

“There’s no chance of that being done unless——”