As he brought it to the table, he was surprised to find that it was not locked.

He opened it and turned out its contents upon the table as if they had been a heap of pebbles. It was his way of showing that he regarded the booty from a purely official point of view.

Paul Clayton did not look up. He seemed to have lost interest in everything in the world just then.

Rayne had seen the jewels before. But he could not keep the glint out of his eyes as they fell upon the glittering stones and gold settings which would mean a fortune to him.

He had been at his last gasp financially when he had come on board the old tramp steamer. He had had enough to pay his fare and provide himself with cigars, and that was about all. He felt that he must make a killing now, no matter at what risk.

It was just as Rayne had the jewels spread out on the table that Captain Bill Lawton came down again. His eyes fell upon the display, and he could not get his breath.

The genial skipper did not know much about the value of gems and richly chased gold ornaments. But he felt sure this heap must be worth a great deal of money. He found himself regretting that he had not known what this young man had in his cabin.

How easy it would have been for the captain to get hold of the suit case, empty it into a bag of his own, and go ashore, saying good-by to the sea forever!

Captain Lawton might not have been guilty of this bit of villainy, even if he had had the opportunity. But certainly he allowed his thoughts to roam in this way, while a ruminative smile moved his hard lips.

John Garrison Rayne, familiar with the look of cupidity that steals over the faces of some men, divined pretty well what was passing in Captain Lawton’s mind. He brought the commander to himself sharply, by remarking, in a matter-of-fact tone: