the event of a judicial inquiry it would be an advantage if you could
say that you had had no voice in the matter, but had been instructed
to obey the orders of the charterers--of whom we are the agents in
Pernambuco. Perhaps this cablegram will allay your fears," and he drew
an unopened cablegram from his pocket and handed it to Murphy. It was
a code cablegram, signed by the Blue Star Navigation Company and
addressed to Murphy in care of von Staden & Ulrich. When decoded it
read:

"Execute the orders of supercargo if possible. It may lead to further
business. Charterers must take the risk. We do not think there is any
risk. Please remain."

This cablegram was signed "Matt."

"Well, captain?" von Staden queried politely.

"I don't like this business at all," the captain replied. "My owners
may think there is no risk, but I'm afraid. England controls the
seas--"

"We are in possession of the secret code of the British Navy, Captain
Murphy. We know the approximate location of every British warship in
the Atlantic and Pacific--and I assure you there is no risk."

"Well, my boss informs me the charterers assume the risk, so I suppose
I shouldn't worry over the Blue Star Navigation Company's end of the
gamble. They know their own business, I dare say. Evidently they
feared I might want to resign, so I have been asked to remain; and
when Captain Peasley says 'please' to me, Mr. von Staden, I find it