Mr. Tredgold played with a salt-spoon and frowned thoughtfully.

"We've been looking round for a ship this morning," he said, slowly.

"As passengers?" inquired the captain, staring.

"As owners," put in Mr. Chalk.

Captain Brisket, greatly interested, drew first his glass and then his chair a yard nearer. "Do you mean that you want to buy one?" he inquired.

"Well, we might if we could get one cheap," admitted Tredgold, cautiously. "We had some sort of an idea of a cruise to the South Pacific; pleasure, with perhaps a little trading mixed up with it. I suppose some of these old schooners can be picked up for the price of an old song?"

The captain, grating his chair along the floor, came nearer still; so near that Mr. Stobell instinctively put out his right elbow.

"You've met just the right man," said Captain Brisket, with a boisterous laugh. "I know a schooner, two hundred and forty tons, that is just the identical article you're looking for, good as new and sound as a bell. Are you going to sail her yourself?"

"No," said Mr. Stobell, without looking up, "he ain't."

"Got a master?" demanded Captain Brisket, with growing excitement. "Don't tell me you've got a master."