"Fine words, fine words!" he muttered. "Nevertheless in a minute you are going to die!...."

He took out his watch and laid it on the blanket before him.

"When I told you I had come to capitulate," I rejoined. "I spoke the truth. I have found the treasure. And there is proof!"

I opened my left hand and flung at his feet a handful of gold. Twenty-mark pieces, they dropped softly on the blankets and lay there gleaming in the sunshine, the Kaiser's head and the Imperial Eagle plain for him to see.

I had shaken him. I knew it at a glance. He looked down at the gold, his eyes narrowing with suspicion.

"Also doch!" he murmured—that conveniently elastic German phrase which means "By Jove, he's done it!" or, "Well, I never!" or "I'd never have thought it!" or anything, more or less along these lines, you care to fit to it.

"Let Miss Garth and me go free to rejoin the yacht," I said, "and I'll tell you where the treasure's hid!"

He stiffened up at once.

"It is not for you to dictate to me, you scum," he cried. "Unconditional surrender is the only kind of surrender I understand. Say what you have to say and I will then decide what I shall do with you...."

I glanced seaward. And my heart stood still. The Naomi had vanished. Had it been but a vision after all?