"I'll tell you what I make of it," he said. "Just this. Those three figures up yonder are Judson, Donald and Jarrow. They trailed us here in that motor boat but were too foxy to round the point. When they saw us turn into the bay, they knew they could land and sneak over the point without being seen. They are spying on the settlement and watching for Captain Simms. At any rate, they will see his boat tied up there and realize that they have struck a home trail."
"What will we do?" asked Billy, rather helplessly.
"There's only one thing to do," said Jack with decision, "and that is to turn back and warn Captain Simms of what is going on."
The Curlew was headed about and a few moments later was in sight of Musky Bay again.
CHAPTER XI.
A SWIM WITH A MEMORY.
"So they did find me out, after all?" said Captain Simms grimly, after he had heard the boys' story. "Well, it will not do them much good. I am well armed and the government is at my back. If I get the chance I will deal with those rascals with no uncertain hand."
"Why don't you have them arrested right now?" asked Noddy.
"Because it would be premature to do so at the present moment. The agents of several nations are keen on getting a copy of the code. If these men were arrested, it would reveal, directly, the whereabouts of the code and its author."