"No," was the reply. "I was talking about it to Captain Bowers only the other day. That's how I got to hear of the treasure."

Mr. Tredgold started and gave a significant glance at Mr. Stobell. In return he got a wink which that gentleman kept for moments of mental confusion.

"What did the captain tell you for?" pursued Mr. Tredgold, returning to Mr. Chalk. "He wanted you to make an offer. He hasn't got the money for such an expedition; you have. The yarn about passing his word was so that you shouldn't open your mouth too wide. You were to do the persuading, and then he could make his own terms. Do you see? Why, it's as plain as A B C."

"Plain as the alphabet," said Mr. Stobell, almost chidingly.

Mr. Chalk gasped and looked from one to the other.

"I should like to have a chat with the captain about it," continued Mr. Tredgold, slowly and impressively. "I'm a business man and I could put it on a business footing. It's a big risk, of course; all those things are ... but if we went shares ... if we found the money——"

He broke off and, filling his pipe slowly, gazed in deep thought at the wall. His friends waited expectantly.

"Combine business with pleasure," resumed Mr. Tredgold, lighting his pipe; "sea air ... change ... blow away the cobwebs ... experience for Edward to be left alone. What do you think, Stobell?" he added, turning suddenly.

Mr. Stobell gripped the arms of his chair in his huge hands and drew his bulky figure to a more upright position.

"What do you mean by combining business with pleasure?" he said, eyeing him with dull suspicion.