Fielding paused to let his words sink in. Cervillo gasped with fury. He had vainly consoled himself that the treasure had escaped the notice of the men whom he hoped to use to further his ends.

"And so," continued the young British officer, "we've made up our minds that if you attempt any of your dirty, underhand tricks we will open the cover of the submerged torpedo-tubes and sink the ship. Then where will you be? And what good will the stolen treasure do you?"

"Señor, I swear to you——"

"Don't waste your breath, you scoundrel!"

"Señor, hear me. Give up the gold, and you will be on shore placed, with not one hair of your head——"

"Scalped, eh? Now look here, you rascal: At the first sign of treachery down goes the Independencia to the bottom of the sea."

Juan Cervillo, baulked, and powerless to gain his end, made his way for'ard to his temporary quarters, that, contrasting unfavourably with his cabin, served to increase his discomfiture. During the rest of that short night the pirate captain racked his brains to devise some scheme to save himself and secure the treasure. He realised that Fielding and his associates held the whiphand. He knew enough of Englishmen in general to feel sure that the sub. would keep his word, and scuttle the ship should things go badly with them.

Day dawned, but still the fog held. The Independencia was still floating idly on the ocean. All her boilers were allowed to cool down save two. The reserve of oil fuel was running short, and only by the strictest economy could another four hundred miles be got out of the ship.

Like a caged tiger Juan Cervillo paced his limited quarters. The Englishman was the source of all the difficulty, he assured himself again and again. But for that obstacle that stood in his path, the villain would make good his escape, and leave his companions in infamy to their fate.

Yes, the first step was to regain possession of the bullion in the after store-room. Then he could form his plans to get the stuff safely ashore at the expense of his companions.