"It is plain enough, Mr. Birdwing, that the Ionian is not bound to Nassau," said he. "So Captain Chantor said when I came on deck," replied the first lieutenant. "And it is equally plain where she is bound," added Christy. "That course means the Bermuda Islands, and doubtless that is her destination." "So the captain said." The passenger was satisfied, and went below for his breakfast. He found Mr. Gilfleur at the table; and as the fact that the Chateaugay was chasing the Ionian was well understood in the ward room, Christy did not hesitate to tell him the news. The Frenchman bestowed one of his penetrating glances upon his associate, and said nothing. After the meal was finished they retired to the detective's room. Mr. Gilfleur looked over his papers very industriously for a few minutes. "This affair is not working exactly as it should," said he, as he selected a letter from his files. "I supposed this steamer would proceed directly to Nassau. Read this letter, Mr. Passford." "Colonel Richard Pierson!" exclaimed Christy, as he saw to whom the letter was addressed. "Anything strange about the address?" asked the detective. "Perhaps nothing strange; but I saw this gentleman in Nassau two years ago," replied Christy, as he recalled the events of his first trip to Mobile in the Bellevite. "I can say of my own knowledge that he is a Confederate agent, and was trying to purchase vessels there. This letter is signed by Hillman Davis." "The American traitor," added Mr. Gilfleur; and both of them were using the French language. "He says he shall send the machinery and other merchandise to Nassau to be reshipped to Mobile," continued Christy, reading the letter. "He adds that he has bought the steamer Ionian for this purpose, and he expects to be paid in full for her. I think that is quite enough to condemn the steamer." "Undoubtedly; but what is the Ionian to do in the Bermudas? That is what perplexes me," said the detective. "Possibly Captain Chantor can solve the problem, for I am sure I cannot," answered the young officer, as he rose from his seat. He was as much perplexed as his companion, and he went on deck to wait the appearance of the commander. About nine o'clock he came upon the quarter-deck. The Ionian remained at the same relative distance from the Chateaugay, for the captain had given an order to this effect before he turned in. "I am glad to see you, Captain Chantor," said Christy. "Can you explain why the Ionian is headed for the Bermudas, for you have later information than any in my possession?"