"Aber nein, Herr Leutnant?"

"And gone off to fetch their yacht back. She only went to Alcedo, at least so the doctor told us...."

"Then the yacht may be back quite soon, Herr Leutnant?"

"Certainly! That's my conviction. And to think that Grundt had this cursed Engländer in his power and let him go!"

"Bah!" said Schröder, "he grows old, der Stelze! Here three days are gone and not a trace of the treasure. In a little while, who knows? these damned Engländer will be here and our chance of making our fortunes will be gone for ever...."

"You speak true, Schröder! If only I had any support I would depose Grundt and take charge myself. But with these filthy Spanish monkeys...."

"Speak softly, Herr Leutnant...."

Intent as she was upon this conversation, Marjorie did not notice the light advancing until it was too late. Round the bend in the passage came a big, yellow-bearded German sailor swinging a ship's lantern, the blonde young German officer, Ferdinand von Hagel, at his heels. In an instant they were on her and gripping her by the wrists dragged her down the gallery in the direction from which they had come. In silence they hustled her along for some hundred paces, then stopped at a bend.

"Wait here!" whispered the officer to Schröder, an evil smile on his face, "I go to reconnoitre. This will be a pleasant surprise for our comrades...."

He tip-toed away. Suddenly, from without, a harsh voice cried loudly:—