"You quite grasp the position, don't you? The rope by which you're fastened, like an ox in a stall, is fixed to the two stakes by a couple of slip-knots, nothing more . . . so that, at the least movement, the knots slip down an inch or so. You will have noticed it just now, when I let you go. Blinkety blump! You went down a half a head lower! Besides that, the weight alone of your body is enough. . . . You're slipping, old fellow, you're slipping all the time; and nothing can stop you . . . unless, of course, you speak. Are you ready to speak?" The moonbeams shifted to and fro, casting light or shade upon the horrible scenes. I could see the black shape of Massignac, who himself always remained in semidarkness. The water came half-way up his chest. Velmot continued: "Logically, old fellow, you're bound to speak. The position is so clear. We plotted between us a little piece of business which succeeded, thanks to our joint efforts; but you have pocketed all the profits, thanks to your trickery. I want my share, that's all. And for this you need do no more than tell me Noël Dorgeroux's famous formula and supply me with the means of making the experiment to begin with. After that I'll give you back your liberty for I shall feel certain that you will allow me my share of the profits, for fear of competition. Is it a bargain?" Théodore Massignac must have made a gesture of denial or uttered a grunt of refusal, for he received a smack across the face which resounded through the silence. "I'm sure you'll excuse me, old fellow," said Velmot, "but you'd try the patience of a plaster saint! Do you really mean to say that you would rather croak? Or perhaps you think I intend to give in? Or that some one will come and help you out of your mess? You ass! You chose this place yourself last winter! No boats come this way. Opposite, nothing but fields. So there's no question of a rescue. Nor of pity either! Why, hang it all, don't you realize the positions? And yet I showed you the article in this morning's paper. With the exception of the formula, it's all set out there: all Dorgeroux's secret and all yours! So who's to tell us that they won't quite easily find the formula? Who's to tell us that, in a fortnight, in a week, the whole thing won't be given away and that I shall have had my hands on a million of money, like a fool, without grabbing it? Oh, no, that would never do!" There was a pause. A ray of light gave me a glimpse of Massignac. The water had risen above his shoulders. "I've nothing more to say to you," said Velmot. "We'll make an end of it. Do you refuse?" He waited for a moment and continued: "In that case, since you refuse, I won't insist: what's the good? You shall decide your own fate and take the final plunge. Good-bye, old man. I'm going to drink a glass and smoke a pipe to your health." He bent towards his victim and added: