"There's a deal that hurries me in and out," said he. "I can never be taken for granted at this season of the year." To Anthony he said, "You have met Mr. Stroude, I suppose?"

"Oh, yes," said Anthony, as he, too, shook hands with the merchant. "I hope I see you well, Mr. Stroude."

"You see," grumbled the merchant, "a man badgered quite beyond his patience, sir. What between getting a ship, and checking up her cargo, and arranging for the continuance of certain moneys, I've had enough to fret any reasonable person; and now there must come something else."

"Oh, tut, tut!" said Mr. Sparhawk regretfully.

"It's been my experience," said the merchant, "that no matter how much bother fills a man's day there's still some further devilment in store for him somewhere before he reaches his bed at night." He looked at Mr. Sparhawk. "I am given to understand," said he, "you have found some fault with the Eclipse."

"None!" denied Mr. Sparhawk at once. "None. The Eclipse is a fine ship, and rates first class."

"Then why has her insurance gone up since I spoke to you last?"

Mr. Sparhawk was more regretful than ever.

"That was a most unexpected thing," he said. "I am very sorry for it. The explanation is this: Mr. Baily holds a large part of your risk, and unfortunately Mr. Baily is not a bold man. All this talk we hear of the French privateers is hard on the courage of persons like him."

Mr. Stroude stared.