"By the by," remarked Alwyn to the skipper of the Titania just before the former turned in, "do you happen to have a White Ensign on board?"

"By Jove, no," replied Swayne, somewhat astonished at the unusual request. "I'm not one to risk chucking away five hundred of the best for unlawfully flying colours to which I am not entitled, my pippin."

"I don't suppose you would be fined—in the circumstances to which I'm going to refer," said Burgoyne earnestly. "It's quite possible that we may fall in with the Malfilio. She's away cruising, and she may be well south of the Line. The Pacific's wide, I know, and the probability of running up against her is small; but strange things happen at sea. She's got the speed of you by at least six knots."

"Well?"

"Then you'll have to bluff her," continued Burgoyne. "She'll fight shy of a White Ensign, even if flown from a mud-hopper, although she hasn't hesitated to use it herself.... If you had wireless——"

"We haven't," said Swayne. "Didn't have any use for it."

"Perhaps it's as well," agreed Alwyn. "But let me advise you to get a White Ensign made up in case of emergency."

"Right-o, I will," replied Swayne. "We've a spare Red Ensign. It won't be much of a job to work in white bunting where necessary. I'll put a couple of hands on that at once. I don't fancy Miss Vivian borrowed both sewing-machines; but I do know she took one into the cabin and yards of white duck and drill."

At one bell in the forenoon watch a vessel was sighted broad on the starboard beam, and shaping a converging course towards the Titania.

"What do you make of her, George?" inquired Swayne.

Burgoyne had already brought his binoculars—formerly the property of the late Black Strogoff and possibly that of an honest man before the pirate lieutenant acquired them—to bear upon the stranger.

"Make of her?" he repeated softly. "There's not much doubt about it. That vessel is the Malfilio."

"But the third funnel?" demurred Mostyn.

"A fake," replied Burgoyne promptly. "I'd keep your dusky crew out of sight, Swayne, if I were you; and the sooner we run up the White Ensign the better."

Swayne was no coward—far from it—but he felt decidedly uncomfortable. It is one thing to face a Hun when your vessel is armed; another to attempt to bluff a pirate when your armament consists merely of one or two shot-guns, a couple of rifles, and a few automatics, and the pirate was able to back up his argument with six-inch quick-firers. To make matters worse the Titania carried 20,000 pounds worth of silver in her hold, the result of ten months' hard and dangerous toil under the sea, and it would be very hard lines if the fruit of her labours was simply snapped up by Ramon Porfirio and his gang of freebooters.

Remembering Burgoyne's warning of the great disparity in speed between the two vessels, Swayne resisted the impulse to put the helm hard over and show his heels to the cruiser.

"Right-o," he assented. "Up with the Ensign."

The impromptu emblem of the Royal Navy fluttered out bravely. Anxiously the crew of the Titania awaited developments. For some minutes the Malfilio held on. She was flying no flag. Possibly it had been her intention of hoisting the White Ensign, too; but the appearance of a similar flag on the little white craft rather upset Porfirio's calculations.

"By Jove! if we only had wireless," sighed Mostyn. "Wouldn't we have a game with him, calling up imaginary battle-cruisers and all that sort of thing."

A minute or so later the Malfilio hoisted the Rising Sun—the ensign of Japan, and still closing made the International Signal, "What ship is that?"

"Port helm a point, please," said Burgoyne; "we'll get within semaphore distance and then we'll puzzle him a bit."

The Titania rapidly closed her distance, for the Malfilio had slowed down and was doing about eight or nine knots. This manoeuvre undoubtedly perplexed Ramon Porfirio. Although he could have blown the former craft clean out of water, he had a wholesome respect for men-of-war of any description.

Burgoyne balanced himself on the weather stanchion-rails. There was no chance of the pirates recognizing the clean-shaven man as being one of the officers of the Donibristle.

Waving the two hand-flags Alwyn spelt out the following message: "H.M.A.S. Titania. We are escorting submarine flotilla carrying out quarterly torpedo exercise. Please keep clear. Other vessels of the squadron are also exercising in vicinity. Caution necessary especially at night."

Ramon Porfirio swallowed the fable. The word "submarine" scared him stiff, and he had not the faintest desire to run up against any of the powerful cruisers of the Royal Australian Navy.

Thrice the Japanese Ensign was dipped on board the Malfilio, a compliment that Swayne reluctantly returned. Then turning eight points to starboard the pirate cruiser made off at full speed.

"Burgoyne, dear old thing!" exclaimed Swayne exuberantly, "you've more than earned your passage. But for you we should have been properly in the consommé. Well, I hope I've seen the last of that blighter."

"I won't reciprocate your wish," rejoined Alwyn. "In fact I rather want to meet her again on a strictly business footing. I think we can now tell Miss Vivian that she is at liberty to come on deck."

Hilda was delighted to learn that another serious danger had been averted.

"How did you manage it?" she asked.

"Better inquire of this merchant, Miss Vivian," replied Swayne indicating Burgoyne, who turned a dusky red and shuffled his feet.

"The............