"Five per cent," exclaimed Harborough. "Evidently they think we're on a fool's errand. However, now everything is fair and above board. We are the legitimate firm; Borgen & Co. are mere interlopers."
"Talking about Borgen," observed Villiers, "just step aft a minute. See that tramp lying alongside Anstruther's Wharf? The one with the black, yellow, and blue funnel."
"Ay," assented Harborough. "Is she our rival?"
"I don't know—yet," replied Jack. "We haven't our intelligence Department in full working order at present. All I know—on the authority of the Yard Foreman—is that she's the Geier, one of Germany's surrendered mercantile fleet, and she's just been sold to a Swedish firm."
"And thence back to Germany," commented Harborough. "Verily the ways of our politicians passeth understanding. However, if Kristian Borgen has a finger in that pie we'll have to watch the Geier."
Villiers laughed.
[Illustration: SANDBAGGED]
"Shouldn't be surprised if the Geier's people haven't been watching us pretty carefully for the last few days," he remarked. "Don't you think it would be as well if a couple of us slept on board in future? Several of the cabins are quite habitable."