be thought of," Frenhofer asserted
eagerly. "Consider, monsieur! The yacht of this man Schwann has never
been seen by my master. Consider, too, that aboard her there must be a
dozen hiding-places. The crew has been brought together from anywhere.
They can be bought to a man. There is only one point, monsieur, which
should be arranged before I enter upon this last and, for me, most
troublesome and dangerous enterprise."

"And that?" Hunterleys enquired.

"My own position," Frenhofer declared solemnly. "I am not greedy or
covetous. My ambitions have long been fixed. To serve an Imperial
Russian nobleman has been no pleasure for me. St. Petersburg has been a
prison. I have been moved to the right or to the left as a machine. It
is as a machine only I have lived. Always I have longed for Paris. So
month by month I have saved. After to-night I must leave my master's
employ. The risk will be too great if monsieur indeed accepts my
proposition and carries it out. I need but a matter of ten thousand
francs to complete my savings."

The man's white face shone eagerly in the dim light of the gloomy little
apartment. His eyes glittered. He waited almost breathlessly.

"Frenhofer," Hunterleys said slowly, "so far as I have been concerned
indirectly in these negotiations with you, my instructions to my agent
have been simple and definite. We have never haggled. Your name was
known to me eight years ago, when you served us in St. Petersburg and
served us well. You have done the same thing now and you have behaved
with rare intelligence. Within the course of an hour I shall transfer
ten thousand francs to the account of Francois Frenhofer at the English
Bank here."

The eyes of the man seemed suddenly like pinpricks of fire.

"Monsieur is a prince," he murmured. "And now for the further details.
If monsieur would run the risk, I would suggest that he accompanies me
to the office of this man Schwann."

Hunterleys made no immediate reply. He was walking up and down the
narrow apartment. A brilliant idea had taken possession of him. The more
he thought of it, the more feasible it became.

"Frenhofer," he said at last, "I have a scheme of my own. You are sure
that Mr. Grex has never seen this yacht?"

"He has never set eyes upon it, monsieur, save to try and single it out
with his field-glasses from the balcony of the villa."

"And he is to board it to-night?"

"At ten o'clock to-night, monsieur, it is to lie off the Villa Mi