t the first five-hundred-dollar
loss. I know you of old, Phineas Scraggs, an' the leopard can't
change his spots." He raised his right hand to heaven. "I'm through
for keeps. We'll sell the pearls to-day, divvy up, an' dissolve. I'm
through."

"Glad of it," growled McGuffey. "I don't want no more o' that
codfish, an' as soon as we git fightin' room I'll prove to you
that no near-sailor can insult me an' git away with it. Me an'
Scraggsy's got some rights. You can walk on Scraggsy, Gib, but it
takes a man to walk on the McGuffey family."

Nothing but the lack of sea-room prevented a battle royal. Mr.
Gibney stood glaring at his late partners. His great ham-like
fists were opening and closing automatically.

"You're right, Mac," he said presently, endeavouring to control
his anger and chagrin. "We'll settle this later. Take that helmet
off the diver an' let's hear what he's got to report."

With the helmet removed the diver spoke:

"As near as I can make out, boss, there ain't a thing o' value in
this hulk but a couple o' hundred tons o' codfish. She was cut in
two just for'd o' the bulkhead an' her anchors carried away on
the section that was cut off. She ain't worth the cost o' towin'
her in on the flats."

"So that codfish has some value," sneered Captain Scraggs.

"Great grief, Scraggsy! Don't tell me it's sp'iled," cried
McGuffey, simulating horror.

"No, not quite, Mac, not quite. Just _slightly_. I s'pose Gib'll
tack a sign to the stub o' the main mast: 'Slightly spoiled
codfish for sale. Apply to A.P. Gibney, on the premises. Special
rates on Friday.'"

Mr. Gibney quivered, but made no reply. He carefully examined
that portion of the derelict above water and discovered that by
an additional expenditure of about fifty dollars he might recover
an equal amount in brass fittings. The _Kadiak's_ house was gone
and her decks completely gutted. Nothing remained but the
amputated hull and the foul cargo below her battered decks.

In majestic silence the commodore motioned all hands into the
launch. In silence they returned to the city. Arrived here, Mr.
Gibney paid off the launch man and the diver and accompanied by
his associates repaired to a prominent jeweller's shop with the
pearls they had accumulated in the South Seas. The entire lot was
sold for thirty thousand dollars. An hour later they had adjusted
their accounts, divided the fortune of the syndicate equally, and
then dissolved. At parting, Mr. Gi