After a few moments the Chinaman had recovered somewhat, but when he spoke it was in a faint, gasping wheeze.

“That was a pretty ruse—that of the yacht.”

Forrester stared at the speaker in surprise.

“The yacht?” said he inquiringly.

A ghastly grin crossed Hong Yo’s face; he waved a hand in a feeble gesture of impatience.

“We met her before she had passed North Brother Island. We expected to find you on board—and these,” pointing to the securities upon the table.

Forrester laughed.

“Is it possible that you went in chase of the Wizard? Why, that little matter was laid down for the astute Mr. Kenyon’s private use.”

The watcher saw Farbush start.

“Kenyon!” exclaimed the man.