“Half a million, and he won’t go for it?” ejaculated Mr. Tredgold.  “The man must be mad.”

“No; he passed his word and he won’t break it,” said Mr. Chalk.  “The captain’s word is his bond, and I honour him for it.  I can quite understand it.”

Mr. Tredgold shrugged his shoulders and glanced at Mr. Stobell; that gentleman, after due deliberation, gave an assenting nod.

“He can’t get at it, that’s the long and short of it,” said Mr. Tredgold, after a pause.  “He had to leave it behind when he was rescued, or else risk losing it by telling the men who rescued him about it, and he’s had no opportunity since.  It wants money to take a ship out there and get it, and he doesn’t see his way quite clear.  He’ll have it fast enough when he gets a chance.  If not, why did he make that map?”

Mr. Chalk shook his head, and remarked mysteriously that the captain had his reasons.  Mr. Tredgold relapsed into silence, and for some time the only sound audible came from a briar-pipe which Mr. Stobell ought to have thrown away some years before.

“Have you given up that idea of a yachting cruise of yours, Chalk?” demanded Mr. Tredgold, turning on him suddenly.

“No,” was the reply.  “I was talking about it to Captain Bowers only the other day.  That’s how I got to hear of the treasure.”

Mr. Tredgold started and gave a significant glance at Mr. Stobell.  In return he got a wink which that gentleman kept for moments of mental confusion.

“What did the captain tell you for?” pursued Mr. Tredgold, returning to Mr. Chalk.  “He wanted you to make an offer.  He hasn’t got the money for such an expedition; you have.  The yarn about passing his word was so that you shouldn’t open your mouth too wide.  You were to do the persuading, and then he could make his own terms.  Do you see?  Why, it’s as plain as A B C.”

“Plain as the alphabet,” said Mr. Stobell, almost chidingly.

Mr. Chalk gasped and looked from one to the other.

“I should like to have a chat with the captain about it,” continued Mr. Tredgold, slowly and impressively.  “I’m a business man and I could put it on a business footing.  It’s a big risk, of course; all those things are . . . but if we went shares . . . if we found the money——­”

He broke off and, filling his pipe slowly, gazed in deep thought at the wall.  His friends waited expectantly.

“Combine business with pleasure,” resumed Mr. Tredgold, lighting his pipe; “sea-air . . . change . . . blow away the cobwebs . . . experience for Edward to be left alone.  What do you think, Stobell?” he added, turning suddenly.

Mr. Stobell gripped the arms of his chair in his huge hands and drew his bulky figure to a more upright position.

“What do you mean by combining business with pleasure?” he said, eyeing him with dull suspicion.

“Chalk is set on a trip for the love of it,” explained Mr. Tredgold.