"No, I don't want to meet Max & Co.—at least, not just yet," soliloquised Mr. Greenwood as he hurriedly and silently descended to the floor of the tunnel. His first thought was to retrace his steps, scramble through the opening and lie at full length upon the outside ledge, until he realised that the mysterious frequenters of the cave would still be between him and freedom.

Then he remembered that there was a space between the foot of the ladder and the end of the tunnel. It was not at all likely that this would be examined.

With an agility that he did not think himself capable of, Mr. Greenwood crawled between two of the steps and crouched in his place of concealment.

Barely had he done so when the trap-door was raised. A flood of light streamed from above, although, fortunately, the flight of steps threw a strong shadow upon the recumbent form of Mr. Greenwood.

"You vos leave open der door?" inquired a guttural voice.

"Yes, Max," was the reply. "It's main heavy, and there's no call to exert ourselves to bustin'-point. No one'll come here after dark."

The speaker descended, holding an electric torch in his hand. He was a short, thick-set fellow, dressed in soiled velveteens. He looked a typical gamekeeper.

The person addressed as Max followed. He was a tall, fair-haired, broad-shouldered man of about thirty years of age. He wore a long overcoat and muffler, a hard felt hat, grey trousers and brown boots, the latter being almost hidden under a thick deposit of mud.

"I've got a rope further along," continued the short man. "When they answer our signals and send a boat, I'll lower you down. Only don't forget it's cash on the nail."

"Vot vos dat?" asked Max.