or
compensation, in perfect good faith. The coast is well lighted now,
and windfalls are rare, but the sight of a stranded yacht, with the
owners ashore, would inflame the old passion; and, depend upon it,
someone has seen that anchor-buoy.'

The word 'wrecks' had set me tingling. Was it another test?
Impossible to say; but audacity was safer than reserve, and might
save trouble in the future.

'Isn't there the wreck of a treasure-ship somewhere farther west?' I
asked. 'We heard of it at Wangeroog' (my first inaccuracy). 'They
said a company was exploiting it.'

'Quite right,' said the commander, without a sign of embarrassment.
'I don't wonder you heard of it. It's one of the few things folk have
to talk about in these parts. It lies on Juister Riff, a shoal off
Juist. _[see Map B]_ She was a French frigate, the Corinne, bound
from Hamburg to Havre in 1811, when Napoleon held Hamburg as tight as
Paris. She carried a million and a half in gold bars, and was insured
in Hamburg; foundered in four fathoms, broke up, and there lies the
treasure.'

'Never been raised?'

'No. The underwriters failed and went bankrupt, and the wreck came
into the hands of your English Lloyd's. It remained their property
till '75, but they never got at the bullion. In fact, for fifty years
it was never scratched at, and its very position grew doubtful, for
the sand swallowed every stick. The rights passed through various
hands, and in '86 were held by an enterprising Swedish company, which
brought modern appliances, dived, dredged, and dug, fished up a lot
of timber and bric-a-brac, and then broke. Since then, two Hamburg
firms have tackled the job and lost their capital. Scores of lives
have been spent over it, all told, and probably a million of money.
Still there are the bars, somewhere.'

'And what's being done now?'

'Well, recently a small local company was formed. It has a depot at
Memmert, and is working with a good deal of perseverance. An engineer
from Bremen was the principal mover, and a few men from Norderney and
Emden subscribed the capital. By the way, our friend Dollmann is
largely interested in it.'

Out of the corner of my eye I saw Davies's tell-tale face growing
troubled with inward questionings.

'We mustn't get back to him,' I said, laughing. 'It's not fair to my
friend. But all this is very interesting. Will they ever get those
bars?'

'Ah! that's the point,' said von Bruening, with a mysterious twinkle.
'