"No doubt the cargo you took out was rather more interesting. But what's this?" he added, holding up a document heavily sealed.

"I don't know."

"Still, it would be as well to find out," and without hesitation he calmly broke the seals.

To the astonishment of them both, the document was absolutely blank; to all appearances a virgin sheet of paper.

"H'm, this is strange," murmured Calamity. "It is not usual to enclose and seal a blank sheet of paper with the ship's documents. Have you got a candle?"

Captain Noel produced one from a shelf and lit it. He seemed as eager to find out the meaning of this mysterious enclosure as Calamity himself. The latter held the paper in front of the flame and, as he had expected, writing began to appear. When the whole communication became legible he spread the document out on the table and commenced to read.

It was, in effect, a letter from a German official to Mr. Isaac Solomon of Singapore, informing him that his last cargo had reached its first destination, a neutral port, without mishap. This was followed by some very valuable advice concerning the manner in which another cargo—referred to as "Eastern merchandise"—might be delivered at the same port. There were also other matters of even greater interest, but Calamity decided to study these at a more convenient time.

"I have only one more question to ask you, Captain," he said. "What was the exact nature of this 'Eastern merchandise'?"

"Copper and nickel," answered the other.

"A very profitable cargo, I should imagine; yet not as profitable as this one little piece of paper should prove to me—eh, Captain Noel?"