"Sir Hugh Harborough, I presume," said the German. "Mr. Borgen," rejoined Harborough. The Hun shrugged his shoulders. "Perhaps it would be better if I introduced myself as Herr Kaspar von Giespert," he said. Harborough showed no surprise at the announcement. "That is not really necessary, Herr von Giespert," he remarked. "But I thought that perhaps you preferred to continue to sail under your false colours." Von Giespert waved a podgy hand deprecatingly. "I think we understand one another," he declared, with mock humility. "The war is over, and peace is an established fact. You Englishmen were ever generous to a beaten foe, and I feel certain that you will be willing to shake hands and forget the regrettable happenings of the past four and a half years." "Speaking for my fellow-countrymen," replied Harborough, "and I think I'm voicing their opinions, I am in accord with what you say up to a certain point. Generosity to the vanquished has always been a Briton's strong point, but, unfortunately for Germany, her utterly-vile conduct during the war, until she knew the game was up, is sufficient to put her outside the pale for the next generation. However, I don't suppose you came here to be lectured upon the conduct of your compatriots. Suppose you get straight to the point and state your business." "We are both here on the same quest," said von Giespert suavely. "In England there is a proverb: 'First come, first served'." "Quite so," agreed Harborough gravely. "There is also another: 'A fair field and no favour'. However, you haven't made yourself clear. Pray continue." "Being first upon the scene," continued the German, "I claim a right to conduct uninterrupted operations. My vessel lies almost over the wreck, therefore I object to your working within a couple of cables of her. That, I think, is a fair and reasonable request." "Have you always been fair and reasonable in your transactions, Herr von Giespert?" inquired Harborough. "Certainly," replied von Giespert in a tone of virtuous indignation. "You would not, for instance," continued the baronet in firm, even tones, "you would not lower yourself to the extent of kidnapping one of my officers (possibly under the mistaken impression that it was I), hoping to throw my plans out of gear?" "Your insinuation surprises me," exclaimed von Giespert. "I cannot understand why you should voice it." "Supposing I am in a position to prove that you would do such a thing," resumed Harborough, "would you be willing to abandon your claim to the treasure?" "I would," answered the German hastily, somewhat to Harborough's surprise. "Villiers!" he called out. "Come here a minute." Both von Giespert and Strauss turned a sickly yellow hue when Jack Villiers, cool and unperturbed, stepped briskly out of the chart-house. The Huns had up to that moment imagined that he had been drowned after he took his flying leap from the deck of the _Zug_.