I can't, doctor," he said
amiably.

He was an abominable liar, but I had a certain admiration for his
effrontery. I was glad I could meet him on his own ground, so I
answered deliberately:

"Of course, it would spoil your plans to get the job over."

He eyed me smiling. "As how, my friend," he asked.

"You would rather have us in charge of the treasure than yourself," I
replied.

He laughed. "Doctor, there's imagination in you, as I've always said.
It's a pity I made that blunder about you. Not that it matters now.
Well, you've nicked it. What's the odds? You are welcome to the
truth--now."

There was a perceptible emphasis on his last word.

"You're not afraid of the attack?" I said.

He shook his head. "Not much. While we have a common object we're all
right. I'm afraid of success. Doctor, you've a penetrating eye. Why,
the treasure might break us up. If you had sent it down to me I believe
I'd have sent it back. That would have been your best chance. I wonder
you didn't think of it. But you've got your flaws. If you'd sent that
treasure down I'd have had to take it; and you might have sat down and
waited on events. But it's too late now. I know where I am."

"And where's that?" I asked bluntly.

He smiled craftily. "We enter the Straits of Magellan this extra
special night," he said. "Let's put it at that."

"And what's to come?" I asked in the same voice.

"Lord, one would suppose you in the counsels," he said equably. "And in
a way you are. Well, you can hand over that treasure which you have
been good enough to guard for me better than I could myself as soon as
you will. I've no objection now. Good-evening, doctor."

He wheeled about and went off humming a tune. But I was staggered. That
meant, if he were not lying again, that we were near the end of our
tether, that the truce was up, and that....

My mind shuddered in its train of thought. There was only one possible
end for us if Holgate was to secure himself; and he was capable of any
infamy. As I looked at his broad back and bull neck I felt rage and
hatred gather in me and surge together. But I was impotent then and
there. I went back to our quarters sick at heart.

It was falling dark when I reached the state-rooms, and all was as
usual. The same vacant face of quietude was presented to me in the
corridor. Leaving the two men, of whom one was Grant, on guard, I went
below to my cabin; and, as I did so, thought to look in upon Pye. Faint