r thinks--"

"That we have an enemy hanging about our camp and following us."

"Ah!"

"And that it was he who threw off the rope."

"Then the herr thinks that?"

"Yes, I feel sure now, for I have been thinking it over, and I know that
Melchior Staffeln, the tried old guide, could not possibly have fastened
that rope so that an accident would result."

"The herr gives me hope and life again," said the guide warmly.

"Yes, Melchior, I was all wrong. There--shake hands, man, like we
English do."

"Yes: it is good," said the guide, eagerly doing as he was told.

"Now lie down both of you, and sleep. In three hours I shall call you,
Melchior, and in three more you will come up, Saxe. We may see nothing,
but henceforth we will be on guard."

Ten minutes later the fire was subsiding into a glow. Saxe and the
guide slept, and Dale was keenly awake watching for the kobold who
disturbed their peace.

CHAPTER THIRTY TWO.

THE TREASURE.

No kobold, gnome, or any other goblin of the mine disturbed the watchers
through that night. Dale roused Melchior at the end of his spell, and
somewhere about daybreak the guide roused Saxe, in obedience to his
orders, and asked him whether he felt fit to take his turn.

"Eh?--Fit?" said Saxe, sitting up: "of course. Why shouldn't I be?"

"I thought you seemed a little upset by the shock yesterday."

"Nonsense: I'm only sleepy. I'm getting used to that sort of thing.
There; lie down, and finish your rest. I'm as fresh as a daisy! I say,
though: have you seen anything in the night?"

"The stars slowly going down behind the mountains, and the peaks
beginning to glow."

"Didn't Mr Dale see anything?"

"No."

"Well, I'm disappointed. I hoped one of you would catch the gentleman
who comes after us. I'm sure there is something."

"So am I, herr. The fire is burning. Keep it up, and call me when it
is breakfast time."

He lay down directly, and Saxe ran to the spring for a good sluice, to
come back glowing and scrubbing his scarlet face with a towel.

"I say, Melk!"

There was no answer.

"Melky!"

Still silent.

Saxe bent over the Swiss, and then turned away.

"Well, he can sleep," he muttered: "seems only to have to shut his eyes,
and he is off."

It did not occur to him that he was as great an adept at sleeping as the
guide, and he turned away, half ill-humouredly, to finish his rough
toilet, and then he busied himself in making preparations for