gh more wild, disreputable escapades than any
other three men afloat. He has robbed right and left all over the
Pacific. Half the island capitals are closed to him. He robbed the
captain, here, when the captain first knew and trusted him. Two years
ago, his schooner the _Aileen_ was confiscated by the United States
government for opium-running into California. Since that time he has
been employed on shares by the same syndicate of Japs who have bought
the captain's furs. They gave him the _Yezo_, which he renamed the
_Dawn_, the fastest little schooner in the north and south Pacific, and
he has been poaching seal for them, up north."

"Aye, and next year he would have ruined my trade, had not their spy
cleared out with your secret," rumbled the captain.

"Yes, I have no doubt those gentlemen in Hakodate placed Ichi aboard to
spy out our trading secrets," assented Little Billy. "And Ichi's
learning of the million in ambergris awaiting an owner up there in
Bering Sea upset their little plan. Ichi fled to Frisco, instead of to
Japan, as we thought. He knew Carew and the schooner were in Frisco,
and I suppose he turned to Smatt for assistance in deciphering the
code, and also in preparing the _Dawn_ for sea. Carew could not have
attended to that personally. He has to keep under cover in United
States' territory. I hazard the guess, Blake, that you are not
acquainted with all the activities of Mr. Smatt?"

"No," admitted Martin. "Smatt is a very secretive man. All I know of
his affairs I learned from handling his court papers; but I know he has
many interests I am entirely ignorant of. For instance, I did not know
what brought Dr. Ichi to the office, though he and Smatt were very
chummy. I thought it was business connected with the Nippon Trading
Company. Smatt is American counsel for a Japanese firm of that name.
I never heard of the _Dawn_, nor of Carew, before yesterday."

"I guess we are better posted concerning your former employer than you,
yourself," informed Little Billy. "Smatt's name is a byword with the
Pacific traders--the shrewd old spider! 'Nippon Trading Company' is
the same syndicate we have done business with; and those yellow
financiers of Hakodate and Tokyo have many irons in the fire besides
the fur iron. Opium and coolie smuggling into California--both very
profitable. And old Smatt looks after their American interests, fixes
officials, keeps them clear of the law. It was Smatt w