The captain of the pirate vessel reappeared on her deck.  He cast his hands desperately abroad; his curses, happily, were unheard by Miss Macrae, who was below.

‘Hands up!’ again rang out the voice of Merton, adding, ’if you begin to submerge your craft, if she stirs an inch, I send you skyward at least as a preliminary measure.  My diver has detached your mines from the keel of the Flora Macdonald and has cut the wires leading to them; my bow-tube is pointing directly for you, if I press the switch the torpedo must go home, and then heaven have mercy on your souls!’

A crow of laughter arose from the yachtsmen of the Flora Macdonald, who freely launched terms of maritime contempt at the crew of the pirate submarine, with comments on the probable future of the souls to which Merton had alluded.

On his desk the masked captain stood silent.  ‘We have women on board!’ he answered Merton at last.

‘You may lower them in a collapsible boat, if you have one,’ answered Merton.  ’But, on the faintest suspicion of treachery—­the faintest surmise, mark you, I switch on my torpedo.’

‘What are your terms?’ asked the pirate captain.

‘The return of the bullion, that is all,’ replied the voice of Merton.  ’I give you two minutes to decide.’

Before a minute and a half had passed the masked captain had capitulated.  ‘I climb down,’ he said.

‘The boats of the Flora will come for it,’ said Merton; ’your men will help load it in the boats.  Look sharp, and be civil, or I blow you out of the water!’

The pirates had no choice; rapidly, if sullenly, they effected the transfer.

When all was done, when the coffers had been hoisted aboard the Flora Macdonald, Merton, for the first time, hailed the yacht.

’Will you kindly send a boat round here for me, Mr. Macrae, if you do not object to my joining you on the return voyage?’

Mr. Macrae shouted a welcome, the yacht’s crew cheered as only Britons can.  Mr. Macrae’s piper struck up the march of the clan, ‘A’ the wild McCraws are coming!’

‘If any of you scoundrels shoot,’ cried Merton to his enemies, ’up you will all go.  You shall stay here, after we depart, in front of that torpedo, just as long as the skipper of my vessel pleases.’

Meanwhile the boat of the Flora approached the friendly submarine; Merton stepped aboard, and soon was on the deck of the Flora Macdonald.

Mr. Macrae welcomed him with all the joy of a father re-united to his daughter, of a capitalist restored to his millions.

Bude shook Merton’s hand warmly, exclaiming, ‘Well played, old boy!’

Merton’s eyes eagerly searched the deck for one beloved form.  Mr. Macrae drew him aside.  ‘Emmeline is below,’ he whispered; ’you will find her in the saloon.’  Merton looked steadfastly at the millionaire, who smiled with unmistakable meaning.  The lover hurried down the companion, while the Flora, which had rapidly got up steam, sped eastward.