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the back of the chart-house, out of sight.

The newcomer tapped at the captain’s door and, after a shout of “Come in,” opened it. There was a moment’s silence, then Coburn’s voice said:

“We were just talking of you, Henri. The skipper wants to know⁠—” and the door closed.

Hilliard was not long in slipping back to his former position at the porthole.

“By Jove!” Bulla was saying. “And to think that two years ago I was working a little coaster at twenty quid a month! And you, Coburn; two years ago you weren’t much better fixed, if as well, eh?”

Coburn ignored the question.

“It’s good, but it’s not good enough,” he declared. “This thing can’t run for ever. If we go on too long somebody will tumble to it. What we want is to try to get our piles made and close it down before anything happens. We ought to have that other ship running. We could double our income with another ship and another depot. And Swansea seems to me the place.”

“Bulla and I were just talking of that before you came aboard,” the captain answered. “You know we have considered that again and again, and we have always come to the conclusion that we are pushing the thing strongly enough.”

“Our organisation has improved since then. We can do more now with less risk. It ought to be reconsidered. Will you go into the thing, skipper?”

“Certainly. I’ll bring it before our next meeting. But I won’t promise to vote for it. In our business it’s not difficult to kill the goose, etcetera.”

The talk drifted to other matters, while Hilliard, thrilled to the marrow, remained crouching motionless beneath the porthole, concentrating all his attention on the conversation in the hope of catching some word or phrase which might throw further light on the mysterious enterprise under discussion. While the affair itself was being spoken of he had almost ceased to be aware of his surroundings, so eagerly had he listened to what was being said, but now that the talk had turned to more ordinary subjects he began more or less subconsciously to take stock of his own position.

He realised in the first place that he was in very real danger. A quick movement either of the men in the cabin or of some member of the crew might lead to his discovery, and he had the uncomfortable feeling that he might pay the forfeit for his curiosity with his life. He could imagine the manner in which the “accident” would be staged. Doubtless his body, showing all the appearance of death from drowning, would be found in the river with alongside it the upturned boat as evidence of the cause of the disaster.

And if he should die, his secret would die with him. Should he not then be content with what he had learned and clear out while he could, so as to ensure his knowledge being preserved? He felt that he ought, and yet the desire to remain in the hope of doing still better was overpowering. But as he hesitated the power of choice was taken away. The men in the cabin were making a move. Coburn finished his whisky, and he and Henri rose to their feet.

“Well,” the former said, “There’s one o’clock. We must be off.”

The others stood up also, and at the same moment Hilliard crept once more up the ladder to the bridge and crouched down in the shadow of the chart-house. Hardly was he there when the men came out of the cabin to the deck beneath the bridge, then with a brief exchange of “Good nights,” Coburn and the lorry driver passed down the ladder, crossed the gangway and disappeared behind a stack of pit-props on the wharf. Bulla with a grunted “ ’Night” descended the port steps and Hilliard heard the door leading below open and shut; the starboard deck lamp snapped off, and finally the captain’s door shut and a key turned in the lock. Some fifteen minutes later the faint light from the porthole vanished and all was dark and silent.

But for more than an hour Hilliard remained crouching motionless on the bridge, fearing lest some sound that he might make in his descent should betray him if the captain should still be awake. Then, a faint light from the rising moon appearing towards the east, he crept from his perch, and crossing the gangway, reached the wharf and presently his boat.

Ten minutes later he was on board the launch.

VI A Change of Venue

Still making as little noise as possible, Hilliard descended to the cabin and turned in. Merriman was asleep, and the quiet movement of the other did not awaken him.

But Hilliard was in no frame of mind for repose. He was too much thrilled by the adventure through which he had passed, and the discovery which he had made. He therefore put away the idea of sleep, and instead gave himself up to consideration of the situation.

He began by trying to marshal the facts he had already learned. In the first place, there was the great outstanding point that his suspicions were well founded, that some secret and mysterious business was being carried on by this syndicate. Not only, therefore, was he justified in all he had done up to the present, but it was clear he could not leave the matter where it stood. Either he must continue his investigations further, or he must report to headquarters what he had overheard.

Next, it seemed likely that the syndicate consisted of at least six persons; Captain Beamish (probably from his personality the leader), Bulla, Coburn, Henri, and the two men to whom reference had been made, Archer, who had suggested forming the depot at Swansea, and Morton, who had been asked to make inquiries as to himself and Merriman. Madeleine Coburn’s name had also been mentioned, and Hilliard wondered whether she could be a member. Like his companion he could not believe that she would be willingly involved,

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