"That's the lot," commented Sir Hugh, when Villiers and the baronet found themselves alone. "Quite a representative crush, eh? I think they'll shape all right. Now we'll pack up, Beverley and Claverhouse, and get back. There's plenty to be done in the next fortnight."

CHAPTER V

The "Fusi Yama"

"At this stage of the proceedings, gentlemen," began Sir Hugh. "I think it time to reveal all I know concerning the Fusi Yama and her cargo of sunken gold."

It was the first time that the whole of the members of the Salvage Syndicate had assembled at Thalassa Towers, and what might be termed a meeting of the Board was in progress.

The scene was the smoking-room, in which a roaring fire was blazing on the hearth, for the autumn morning was decidedly chilly. On the oaken table, and held down by four leaden weights, was an Admiralty Chart of a portion of the Pacific.

"The Fusi Yama, a vessel of 4500 tons, was, you may remember," continued the baronet, "sold by a Japanese firm to a British shipping concern at Shanghai. There was rather a fuss made about it at the time, because in shipping circles it was regarded as somewhat significant that Japan had entered into commercial maritime competition to such an extent that she could build and engine vessels and sell them to a nation that hitherto held the palm for ship-construction.

"This was just before the war, and the Fusi Yama's first voyage under the British flag was from Chi-fu to Liverpool—but the voyage was never completed in the manner intended. Her cargo consisted of cotton and silk and specie and bullion to the value of a million and a half.

"Strictly speaking, the bullion and specie ought to have been sent by a regular mail-steamer, but rumours were in the air of trouble with Germany, and the consigners decided that a steamer running off the recognized route stood a better chance of getting clear of the Pacific than a liner, for there was then a powerful German cruiser-squadron based at Kiao Chau.