The thrilling notes of the bo'sun's pipe brought all hands to the waist. A partial division of the spoil was about to take place.

The crew fell in according to their respective watches. The gunner and the bo'sun were standing on either side of a small sack of gold coins placed upon an upturned cask. A short distance away stood Captain Cain, with Pengelly at his elbow with a book in his hand.

"My lads!" began the pirate captain, "we have now made a rough calculation of the value of the loot from the German hooker. Of course, when the stuff is disposed of ashore, it may be of considerable more value than we have estimated. On the other hand, it may be less. Roughly, the share for each man before the mast is one hundred and ten pounds for this day's work."

He paused. A rousing cheer greeted the announcement. Hitherto the crew had to be content with promises. Now the sight of the bulging sack indicated that they believed in the old adage, "A bird in the hand is worth two in the bush."

Captain Cain held up his hand. Instantly the boisterous cheering ceased.

"As your captain," he continued, "I naturally have your welfare at heart. Here is the money. I would point out the disadvantages of keeping such an amount on board. Some of you might: be tempted to risk the loss of their shares at cards. What you do in the fo'c'sle during your watch below is no affair of mine, but I should be sorry to learn that any man has had the ill-luck to lose his wealth—hard-earned or otherwise. Therefore, I would suggest that, should any one wish to place his share in a place of absolute safety, I will be responsible for its keeping. In other words, I am sending the booty back to England in the Fairy. All money entrusted to me will be judiciously invested, and a receipt given for the same. On the other hand, any one who wishes to hold his share can do so.... Mr. Barnard, call the roll!"

The bo's'un began his task. As each man's name was called, he stepped forward to a chalk-line drawn on the deck. Here he stated what he wanted—either the actual coin or a receipt for the same. In the former case, Marchant, the gunner, counted out the coins and handed them to the man. In the latter, Pengelly wrote out a receipt.

About a dozen men took the cash. Of the remainder, a few allotted their share, receiving Pengelly's form of acknowledgment; the others compromised by drawing a few pounds on account and leaving the balance with the captain.

All this was done in full view of Broadmayne and Vyse. The captain knew they were looking on. Perhaps he hoped that the sight of so much money might make the two men under detention alter their minds about signing-on.

The muster was about to be dismissed, when one of the men stepped forward.