Cunley's opinion that it was a black day for the Valiant when she joined Easterling's fleet was now being shared by every survivor of her crew, and by none more fully than by Captain Pike himself. He had become. apprehensive of the final issue of the adventure, and his apprehensions received the fullest confirmation on the morrow of their sailing from the Chagres, when they came to anchorage in that lagoon of Gallows Key to which I have alluded.

Easterling's Avenger led the way into that diminutive circular harbour, and anchored nearest to the shore. Next came the Hermes. The Valiant, now bringing up the rear, was compelled, for lack of room within, to anchor in the narrow roadstead. Thus again Pike was given the most vulnerable station in the event of attack — a station in which his ship must act as a shield for the others.

Trenam, Pike's sturdy young Cornish lieutenant, who from the outset had been against association with Easterling, perceiving the object of this disposition, was not ashamed to urge Pike to take up anchor and be off in the night, abandoning Easterling and the treasure before worse befell them. But Pike, as obstinate as he was courageous, repudiated this for a coward counsel.

«By God!» he swore. «It's what Easterling desires! We've earned our share of that treasure, and we're not sailing without it.»

But the practical Trenam, shook his fair head. «That will be as Easterling chooses. He's got the strength to enforce his will, and the will to play the rogue, or I'm a fool else.»

Pike silenced him by making oath that he was not afraid of twenty Easterlings.

And his air was as truculent when next morning, in response to a signal from the flagship, he went aboard the Avenger.

He was awaited in the cabin not only by Easterling, arrayed in tawdry splendour, but by Galloway, who favoured the loose leather breeches and cotton shirt that made up the habitual garb of a boucan–hunter. Easterling was massively built and swarthy — a man still young, with fine eyes and a full black beard, behind which, when he laughed, there was a flash of strong white teeth. Galloway, squat and broad, was not apelike in build, with his long arms and short powerful legs, but oddly apelike in countenance, out of which two bright little wicked eyes sparkled under a shallow wrinkled brow.

They received Captain Pike with every show of friendliness, sate him down at the greasy table, poured rum for him and pledged him, whereafter Easterling came promptly to business.

«We've sent for ye, Captain Pike, because at present we're carrying, as it were, all our eggs in one basket. This treasure,» and he waved a hand in the direction of the chests containing it, «is best divided without more ado, so that each of us can go about his business.»