ksilver."

It was evidently Spawn's desire to appear thoroughly frank with me. He
laughed. "Well, then, if Markes has told you, then might I not as well
admit it? The treasure is here, indeed yes. Will you like to see it?"

* * * * *

He led me into a little strong room adjoining the smelter
coil-rectifiers. He flashed his hand searchlight. On the floor, piled
crosswise, were small moulded bars of refined quicksilver--dull,
darkened silver ingots of this world's most precious metal.

"Quite a treasure, Grant, here to-night. See, it is radiumized."

He snapped off his torch. In the darkness the little bars glowed
irridescent.

"To-morrow I will divide with our Nareda government. One-third for them.
And my own share I will export: to Great New York, this shipment.
Already I have the order for it."

He added calmly, "The duty is high, Grant. Too bad your big New York
market is protected by so large a duty. With my cost of
production--these accursed Lowland workmen who demand so much for their
labor, and a third of all I produce taken by Nareda--there is not much
in it for me."

He had re-lighted the room. I could feel his eyes on me, but I said
nothing. It was obvious to me now that he knew I was a government
customs agent.

I said, "This certainly interests me, friend Spawn. I'll tell you why
some other time."

We exchanged significant glances, both of us smiling.

"Well can I guess it, young Grant. So here is my treasure. Without the
duty I would soon be wealthy. Chut! Why should I roll in a pity for
myself? There is a duty and I am an honest man, so I pay it."

I said, "Aren't you afraid to leave this stored here?" I knew that this
pile of ingots--the quicksilver in its radiumized form--was worth four
or five hundred thousand dollars in American gold-coin at the very
least.

* * * * *

Spawn shrugged. "Who would attack it? But of course I will be glad to be
rid of it. It is a great responsibility--even though it carries
international insurance, to protect my and the Nareda Government share."

He was sealing up the heavy barred portals of the little strong-room.
There was an alarm-detector, connected with the office of Nareda's
police commander. Spawn set the alarm carefully.

"I have every safeguard, Grant. There is really no danger." He added, as
though with sudden thought. "Except possibly one--a depth bandit named
De Boer. Ever you hav