ly, and that he was so securely placed that no
movement was required to maintain his position. The faintest rustle
would have betrayed him.

Thomas was holding a box in his hands, which he carried with the
greatest care. No time was wasted in talking. Their sole anxiety seemed
to be to get through the brushwood as quickly and noiselessly as
possible. Alan watched them as they sped along in the direction of the
Smuggler's Hole, in the woody hollow. He had no doubt whatever as to
their destination, and only waited till they were beyond earshot to jump
down and follow them. In his excitement, he forgot that Marjorie was
waiting for him.

Something had been stolen, and he alone could trace the thieves. It
mattered not whether it were jewels, or silver, or the merest trifle. He
meant to recover it: quietly, if he could; if not, then he must fight
for it. It must be of value, however. Had not Thomas received a handsome
offer for purloining it?

With beating heart, and quick but stealthy step, he followed the two
men, love of adventure spurring him on and blinding him to the real
dangers of the pursuit. He was pleased, too, that his enjoyment was not
wholly selfish: he would be of real service to some person--he would not
care even if it were to Peet himself. It was quite possible it was Peet.
He made such a fuss about the ruined summer-house, and was so rigid
about keeping the door shut, that no doubt he did have something he
valued there. It would be fun if Alan were to recover Peet's lost
property for him.

As Alan sped along, he tried to make up some plan for securing the box
and escaping with it. He knew neither man would hesitate to sacrifice
him in their efforts to get it back, and they were not likely to stick
at a trifle if he gave them trouble. He was quite alone; a boy against
two men. Still, the thought of giving up the pursuit never occurred to
him.

'It must be mind _versus_ matter,' he thought, as he chuckled at the
idea of outwitting Thomas.

It was not difficult to creep after the men down the rocky steps of the
Smuggler's Hole, though they appeared dark after the brilliant sunshine.
He was thankful, however, that he had been over the ground before with
Marjorie, and had a pretty correct notion of the whereabouts of the
dangerous places.

By the time he had reached the cave, the men were sitting on the rocks
at the highest part, the tide being still too high for them to go very
far down the cave. It