'It's an undertaking of immense difficulty; for the wreck is wholly
disintegrated, and the gold, being the heaviest part of it, has, of
course, sunk the deepest. Dredging is useless after a certain point;
and the divers have to make excavations in the sand, and shore them
up as best they can. Every gale nullifies half their labour, and
weather like this of the last fortnight plays the mischief with the
work. Only this morning I met the overseer, who happens to be ashore
here. He was as black as thunder over prospects.'

'Well, it's a romantic speculation,' I said. 'They deserve a return
for their money.'

'I hope they'll get it,' said the commander. 'The fact is, I hold a
few shares myself.'

'Oh, I hope I haven't been asking indiscreet questions?'

'Oh, dear no; all the world knows what I've told you. But you'll
understand that one has to be reticent as to results in such a case.
It's a big stake, and the _title is none too sound._ There has been
litigation over it. Not that I worry much about my investment; for I
shan't lose much by it at the worst. But it gives one an interest in
this abominable coast. I go and see how they're getting on sometimes,
when I'm down that way.'

'It _is_ an abominable coast,' I agreed, heartily, 'though you won't
get Davies to agree.'

'It's a magnificent place for sailing,' said Davies, looking
wistfully out over the storm-speckled grey of the North Sea. He