was aft, and Hank says that part is sound.”

Jimmy nodded.

“Suppose you tell me all you know about the matter,” he said.

It was characteristic of both of them that when they first discussed the venture the one had been content with sketchily outlining his plans, and the other had not demanded many details. The project appealed to their imagination, and once they had decided upon it the necessary preparations had occupied all their attention.

Leaning back against a boulder, Bethune refilled and lighted his pipe. His clothes were far from new, and were freely stained with tar, but he spoke clean English, and his face suggested intelligence and refinement.

“Very well,” he said. “When Hank mentioned his discovery I thought I saw an opportunity of the kind I’d been waiting for; and I took some trouble to find out what I could about the vessel. She was an old wooden propeller that came round Cape Horn a good many years ago. When she couldn’t compete with modern steamboats, they strengthened her for a whaler, and she knocked about the Polar Sea; but she burned too much coal for that business, and wouldn’t work well under sail. It looked as if there wasn’t a trade in which she could make a living; but the Klondyke rush began, and somebody bought her cheap, and ran her up to Juneau, in Alaska, and afterward to Nome. There were better boats, but they were packed full, fore and aft, and the crowd going north was not fastidious: all it wanted was to get on the goldfields as soon as possible. Well, she made a number of trips all right, though I believe her owners had trouble when the pressure eased and the United States passenger-carrying regulations began to be properly applied. It was probably because no other boat was available that a small mining syndicate, which seems to have done pretty well, shipped a quantity of gold down from the north in her. Besides this, she brought out a number of miners, who had been more or less successful. Something went wrong with the engines when she had been a day or two at sea; but they got sail on her, and she drove south before a fresh gale until she struck the reef on a hazy night. It broke her back, and the after hold was flooded a few minutes after she struck. The strong-room was under water, there was no time to cut down to it; but they got the boats away, and after the crew and passengers were picked up, a San Francisco salvage company thought it worth while to attempt the recovery of the gold. It was late in the season when their tug reached the spot, and the ice drove her off the 

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