The announcement was as follows:—

"To Demobilized Officers. Those wishing for further excitement and adventure overseas and who are physically and mentally capable of taking care of themselves are invited to communicate with the under-signed. An enterprise involving the risking of two hundred and fifty pounds per head is in contemplation. The capital may be lost; on the other hand, there is a possibility of a gain of one thousand per cent upwards. Applications are especially invited from ex-members of the Royal Naval Volunteer Reserve, and Royal Air Force, but those persons formerly serving in other branches of H.M. Services will be given consideration. Full particulars of the scheme, which will require twelve months' personal service, will be supplied to bona fide applicants.—Address, 'Joystick', c/o Messrs. Steady and Strong, Richborough Chambers, Southampton."

"Claptrap!" declared Villiers, taking up the menu-card, which represented something rather more concrete, and consequently rather more digestible, than the newspaper announcement.

"P'raps," admitted Claverhouse, with his characteristic drawl. "'Tany rate the bloke's straightforward enough to tell you that you might be chucking your money away."

"That's so," agreed Beverley. "We can investigate. I suppose there's no obligation to carry on if the thing looks fishy."

"I don't mind going that far," said Villiers. "And if it looks a sound scheme I'll plank down three hundred. After all three hundred is only worth about a hundred and eighty pounds, and if we are kept employed for a twelvemonth and get a bit of excitement chucked in, well—we might just as soon spend our gratuities that way as being rooked and rushed at home."

Beverley made no audible comment. He was of a cautious nature, and his cautiousness was heightened by the fact that he was responsible for the maintenance of a young brother for at least a couple of years.

While the waiter was taking orders the subject was dropped, but as soon as the man had departed Claverhouse returned to the matter.

"Wonder if it's a filibustering stunt?" he hazarded.

"Or piracy," added Villiers. "I heard a yarn floating around only yesterday about a merchant skipper whose crew were killed in cold blood by a U-boat. The old man was taken prisoner, but managed to escape, and now he's vowed to get his own back. How I don't know, unless he turns pirate and goes for every Fritz he falls in with on the high seas."