ng to a
projecting bluff some eight or nine miles up the coast. "That bluff is
Piedras Point; and beyond it is the Laguna de Cortes--or the Pirates'
Lagoon as some people call it. And here we are at the edge of the Bank;
from this point onward I intend to proceed very cautiously indeed."

So saying, he laid his hand upon the handle of the engine-room telegraph
and rang down for "Half speed", calling down the voice tube a moment
later for the engines to be run dead slow. And as the yacht slowed up
she passed from the dark blue of the deep water to the pale, whitish
blue of the shallow water that covers the immense coral reef known
locally as The Bank.

"Mr Perkins," shouted Milsom, "I must have a man as lookout at the
foremast-head, if you please. You had better bend a boatswain's chair
on to the gaff-topsail halyards, and send him up in that, as I shall
require him to stay there until we are safely at anchor. And when you
have done that, rouse your cable on deck, and see everything ready for
letting go. Jack, I can spare eyes for nothing but the ship just now,
so oblige me, will you, by taking the glasses, and say whether you can
see anything in the shape of a boat coming toward us with a flag flying.
And, between whiles, you may just look carefully along the coast to see
if you can spot a guarda-costa hovering about. We don't want to be
caught napping in the act of landing this stuff."

Jack took the glasses out of their case and swept the whole of the
visible coast, but for some time without result; there was nothing under
either sail or steam to be seen in any direction. At length, however,
when the yacht had arrived within about two miles of Piedras Point, a
small pirogue under sail suddenly shot out from behind the point,
heading to the southward close-hauled; she carried a sprit-mainsail and
a jib, and at the top end of the sprit there fluttered a diminutive
replica of the red-and-yellow flag which was flying from the fore truck
of the yacht.

"Ah!" exclaimed Jack, as he brought his glasses to bear upon the boat;
"here comes your pilot, Phil, at last, and he is flying the `all right'
signal, so I suppose we may take it for granted that the coast is
clear."

"Yes, I see him," answered Milsom. "Keep her away a couple of points,
Quartermaster, and give that boat a chance to fetch us. She is coming
alongside. Masthead there. Keep a very bright lookout, my man, for
sunken rocks; there are plenty of th