In his hands the diver held a large decayed codfish! Captain Scraggs turned a sneering glance upon the unhappy commodore while McGuffey sat down on the damp rail of the derelict and laughed until the tears coursed down his honest face. "A dirty little codfishin' schooner," raved Captain Scraggs, "an' you a-sinkin' the time an' money o' the syndicate in rotten codfish on the say-so of a clairvoyant you ain't even been interduced to. Gib, if that's business, all I got to say is: 'Excuse _me_'." Mr. Gibney seized the defunct fish from the diver's hand, tore it in half, slapped Captain Scraggs with one awful fragment and hurled the other at McGuffey. "I'm outer the syndicate," he raved, beside himself with anger. "Here I go to work an' make a fortune for a pair of short sports an' pikers an' you get to squealin' at the first five-hundred-dollar loss. I know you of old, Phineas Scraggs, an' the leopard can't change his spots." He raised his right hand to heaven. "I'm through for keeps. We'll sell the pearls to-day, divvy up, an' dissolve. I'm through." "Glad of it," growled McGuffey. "I don't want no more o' that codfish, an' as soon as we git fightin' room I'll prove to you that no near-sailor can insult me an' git away with it. Me an' Scraggsy's got some rights. You can walk on Scraggsy, Gib, but it takes a man to walk on the McGuffey family." Nothing but the lack of sea-room prevented a battle royal. Mr. Gibney stood glaring at his late partners. His great ham-like fists were opening and closing automatically. "You're right, Mac," he said presently, endeavouring to control his anger and chagrin. "We'll settle this later. Take that helmet off the diver an' let's hear what he's got to report." With the helmet removed the diver spoke: "As near as I can make out, boss, there ain't a thing o' value in this hulk but a couple o' hundred tons o' codfish. She was cut in two just for'd o' the bulkhead an' her anchors carried away on the section that was cut off. She ain't worth the cost o' towin' her in on the flats." "So that codfish has some value," sneered Captain Scraggs. "Great grief, Scraggsy! Don't tell me it's sp'iled," cried McGuffey, simulating horror. "No, not quite, Mac, not quite. Just _slightly_. I s'pose Gib'll tack a sign to the stub o' the main mast: 'Slightly spoiled codfish for sale. Apply to A.P. Gibney, on the premises. Special rates on Friday.'" Mr. Gibney quivered, but made no reply. He carefully examined that portion of the derelict above water and discovered that by an additional expenditure of about fifty dollars he might recover an equal amount in brass fittings. The _Kadiak's_ house was gone and her decks completely gutted. Nothing remained but the amputated hull and the foul cargo below her battered decks.