He handed Villiers a long blue envelope. Within was a communication from the underwriters of s.s. _Fusi Yama_ agreeing to grant Sir Hugh Harborough the sole rights of salvage subject to a 5-per-cent royalty. "Five per cent," exclaimed Harborough. "Evidently they think we're on a fool's errand. However, now everything is fair and above board. We are the legitimate firm; Borgen & Co. are mere interlopers." "Talking about Borgen," observed Villiers, "just step aft a minute. See that tramp lying alongside Anstruther's Wharf? The one with the black, yellow, and blue funnel." "Ay," assented Harborough. "Is she our rival?" "I don't know--yet," replied Jack. "We haven't our intelligence Department in full working order at present. All I know--on the authority of the Yard Foreman--is that she's the _Geier_, one of Germany's surrendered mercantile fleet, and she's just been sold to a Swedish firm." "And thence back to Germany," commented Harborough. "Verily the ways of our politicians passeth understanding. However, if Kristian Borgen has a finger in that pie we'll have to watch the _Geier_." Villiers laughed. [Illustration: SANDBAGGED] "Shouldn't be surprised if the _Geier's_ people haven't been watching us pretty carefully for the last few days," he remarked. "Don't you think it would be as well if a couple of us slept on board in future? Several of the cabins are quite habitable." "There's a night watchman," observed Harborough. "Yes, for the whole of this yard," added Jack. "He can't be everywhere at once." "Very good," agreed Harborough. "Pick out two of the crowd and warn 'em for sleeping aboard." "I'll take the first week," volunteered Villiers. "Beverley will, too. And we may as well have Tommy on board." Tommy was an Aberdeen terrier belonging to Sir Hugh--a sharp-faced, long-nosed little animal who seemed to be perpetually asleep with one eye open all the time. "Good enough," agreed Harborough. "Seen O'Loghlin about? I want to speak to him about those diving-dresses." Four more days passed--the days in strenuous activity, the nights in utter tranquillity. Villiers and Beverley found the new arrangement quite comfortable. They were afloat once more, even though the _Titania_ was berthed alongside a wharf in a sheltered tidal river. During working-hours a "brow" or gangway gave access to the vessel, but when the working-party packed up, the brow was removed, and the only means of direct communication with the shore was a wire "Jacob's Ladder" that led to a long raft moored between the _Titania_ and the jetty, whence a wooden ladder, its lower rungs slippery with weed as the tide fell, enabled access to the wharf.