hat he might make in his descent should
betray him if the captain should still be awake. Then, a faint light
from the rising moon appearing towards the east, he crept from his
perch, and crossing the gangway, reached the wharf and presently his
boat.

Ten minutes later he was on board the launch.

CHAPTER 6. A CHANGE OF VENUE

Still making as little noise as possible, Hilliard descended to the
cabin and turned in. Merriman was asleep, and the quiet movement of the
other did not awaken him.

But Hilliard was in no frame of mind for repose. He was too much
thrilled by the adventure through which he had passed, and the discovery
which he had made. He therefore put away the idea of sleep, and instead
gave himself up to consideration of the situation.

He began by trying to marshal the facts he had already learned. In the
first place, there was the great outstanding point that his suspicions
were well founded, that some secret and mysterious business was being
carried on by this syndicate. Not only, therefore, was he justified in
all he had done up to the present, but it was clear he could not leave
the matter where it stood. Either he must continue his investigations
further, or he must report to headquarters what he had overheard.

Next, it seemed likely that the syndicate consisted of at least six
persons; Captain Beamish (probably from his personality the leader),
Bulla, Coburn, Henri, and the two men to whom reference had been made,
Archer, who had suggested forming the depot at Swansea, and Morton, who
had been asked to make inquiries as to himself and Merriman. Madeleine
Coburn's name had also been mentioned, and Hilliard wondered whether
she could be a member. Like his companion he could not believe that she
would be willingly involved, but on the other hand Coburn had stated
that she had reported her suspicion that Merriman had noticed the
changed number plate. Hilliard could come to no conclusion about her,
but it remained clear that there were certainly four members, and
probably six or more.

But if so, it followed that the operations must be on a fairly large
scale. Educated men did not take up a risky and presumably illegal
enterprise unless the prize was worth having. It was unlikely that 1,000
pounds a year would compensate any one of them for the risk. But that
would mean a profit of from 4,000 to 6,000 pounds a year. Hilliard
realized that he was here on shaky ground, though the balance of
pr