ply.
When they returned Captain Beamish was speaking.

"--thinks it would about double our profits," Hilliard heard him say.
"He suggests a second depot on the other side, say at Swansea. That
would look all right on account of the South Wales coalfields."

"But we're getting all we can out of the old hooker as it is," Bulla
objected. "I don't see how she could do another trip."

"Archer suggests a second boat."

"Oh." The engineer paused, then went on: "But that's no new SUGGESTION.
That was proposed before ever the thing was started."

"I know, but the circumstances have changed. Now we should--"

Again they passed out of earshot, and Hilliard took the opportunity to
stretch his somewhat cramped limbs. He was considerably interested by
what he had heard. The phrase Captain Beamish had used in reference to
the proposed depot at Swansea--"it would look all right on account of
the coalfields"--was suggestive. Surely that was meaningless unless
there was some secret activity--unless the pit-prop trade was only
a blind to cover some more lucrative and probably more sinister
undertaking? At first sight it seemed so, but he had not time to think
it out then. The men were returning.

Bulla was speaking this time, and Hilliard soon found he was telling a
somewhat improper story. As the two men disappeared round the deckhouse
he heard their hoarse laughter ring out. Then the captain cried: "That
you, Coburn?" The murmur of voices grew louder and more confused and
immediately sank. A door opened, then closed, and once more silence
reigned.

To Hilliard it seemed that here was a chance which he must not miss.
Coming out from his hiding place, he crept stealthily along the deck
in the hope that he might find out where the men had gone, and learn
something from their conversation.

The captain's cabin was the probable meeting place, and Hilliard slipped
silently back to the window through which he had glanced before. As he
approached he heard a murmur of voices, and he cautiously leaned back
against the bridge ladder and peeped in round the partly open curtain.

Three of the four seats the room contained were now occupied. The
captain, engineer, and Mr. Coburn sat round the central table, which
bore a bottle of whisky, a soda siphon and glasses, as well as a box of
cigars. The men seemed preoccupied and a little anxious. The captain was
speaking.

"And have you found out anything about them?" he asked Mr. Coburn.

"O