"SAY, Dacres, old man, here's something that will interest you," remarked Vaughan Whittinghame, handing his comrade and able assistant a letter that had just been delivered by a marine orderly.

Dacres took the missive. The familiar heading on the envelope, "On His Majesty's Service," recalled the days not long since when he was one of the officers of the ship whence the letter came.

Drawing out the enclosure Dacres, with considerable difficulty, deciphered the crabbed handwriting of Rear-Admiral Maynebrace. That officer had written requesting the pleasure of the company of Captain Whittinghame and Mr. Basil Dacres on board the flagship at three p.m.

"Well?" asked Whittinghame in his usual manner. "Going?"

"I hardly know what to say, sir. I suppose you will accept the invitation?"

"Yes. If it were a mere formal affair I would decline, but I have reason to believe that the Admiral wishes to consult us with reference to the submarine plans. It's not a matter of etiquette exactly, but an affair of national importance, so I think you'd better decide to go with me."

The "Meteor" was lying afloat in Zandovar Harbour. Beyond the low-lying spit of sand that narrowed the entrance to less than three hundred yards could be seen the British warships lying in the open roadstead.

Two days had elapsed since the fall of Naocuanha. A provisional government had been set up in Valderia, and Señor Juan Desiro, a distant relative of the late President San Bonetta, had been nominated as acting president. The terms imposed by the British Admiral had been accepted, and the Valderians regarded the inevitable changes with comparative equanimity. The garrison of La Paz had taken the oath of allegiance to the new ruler, and with amazing rapidity the republic settled down to make the best of a hard bargain.

Ex-President Diego Zaypuru, after being officially deposed, was glad to avail himself of an offer by the British Admiral to be given a passage to a far-distant land, where, with the bulk of the riches he had amassed, he would be able to live in comparative peace and plenty.

Antoine de la Fosse, with his two sons, also shook the dust of Valderia from his feet. Henri had made rapid progress towards recovery. His wounds were healing satisfactorily, and as no signs of fever were detected, the British medical officers expressed an opinion that he could with safety undertake a sea voyage.