"Who are you?" he asked.

"I am your old friend Ballard!" came the reply.

CHAPTER XXXI.

Denman showed signs of great excitement and trepidation.

Our readers will remember that the smuggler had never identified Spencer Vance and Ballard as one and the same man; and, when suspicions were aroused as to the identity of the disguised detective, it never once entered Denman's head that he was sitting vis-a-vis with Ballard.

"You are Ballard?"

"I am Ballard."

"Are you man or devil?"

"I suppose you think I ought to be floating on the sea?"

"I thought you were at the bottom of the sea, and how you escaped to face me I can't tell."