They backed cautiously around and returned through the surf to deep water.

“Lie up a little way off the shore here,” said Beveridge; “we 'll cut them off if they try to get in.”

For a moment nothing was said; then this from Smiley, “Do you mind my saying a word?”

“No. What?”

“It has just struck me—we are wasting time here.”

“You think so?”

“I know so.”

“Why?”

“It stands to reason that McGlory would expect to be chased, don't it?”

“Of course.”