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“Since you were in the salvage business,” he went on, “you must be familiar with the Shetland Queen.”

I looked up suddenly. “Sure. I remember her.”

She had lost her rudder in a tropical disturbance last fall and hit a reef somewhere along the northern edge of the Campeche Bank. As I recalled the story she had gone on across it as the sea piled up, but there had been too much damage below water line and she had gone down a few hours later. The crew had got away all right. She was in about ten fathoms, and the underwriters had let a contract to salvage as much of the cargo as wasn’t ruined. They had saved some machinery and several thousand cases of whisky that somehow hadn’t been smashed.

“So that’s the first time your diamonds were dunked,” I said. “But where did Macaulay get into the act?”

As soon as I asked, I began to get the connection. Salvage—underwriters; so she had been telling the truth about part of it, anyway. The part about his being in the marine insurance business.

“That is correct,” he said. “They were aboard the Shetland Queen. But—” He looked up and smiled in the faint glow from the binnacle. “Through some oversight they didn’t appear on the cargo manifest or any of the customs lists. To be exact, they were in some cases of tinned cocoa which had been loaded in Holland and were consigned to a small importing firm in New Orleans. Quite an economical way to ship diamonds, if you follow me, except that it can be damned embarrassing if something happens to the ship, as in this case. The cocoa was insured, as I recall, for some two or three hundred dollars. And naturally we should have looked a little silly trying to explain to the underwriters at that stage of the game that we hadn’t really meant chocolate at all, but diamonds, and that they should pay us three quarters of a million when we’d paid a premium on a valuation of three hundred dollars. Hardly sporting, what? And one might anticipate a certain element of skepticism on their part. To say nothing of the embarrassment of attempting to explain a harmless prank like that to the customs chaps. Lacking in true appreciation of these little matters, the customs people.

“It was something of an impasse, as you may well imagine. Benson and Teen had paid off all claims, including ours, and were engaged in salvaging what they could, but naturally this didn’t mean they were going to waste any time and effort in bringing up insignificant items of general cargo such as a few dollars’ worth of tinned cocoa. They paid, and wrote it off. We made a few tentative feelers. Inasmuch as they were working inside the ship anyway, and inasmuch as the sea pressure at that depth probably hadn’t been sufficient to crush the tins, why didn’t they merely bring up our cocoa and let us withdraw our claim? They brushed this aside as ridiculous. They were working in the open sea, salvage operations are deucedly expensive, and they had no intention at all of trifling with such picayune items. We let the matter drop, knowing that any insistence would excite suspicion. We’d be forced to wait until they were finished with the wreck and then undertake a salvage operation of our own.

“But, unfortunately, some—ah—competitors of ours began to suspect what was in the wind and also tried to purchase the cocoa from Benson and Teen. This proved to be a little too much for the gentleman who was in charge of the operation for them—the late Francis L. Macaulay. This obviously valuable chocolate began to intrigue him, so he sent a confidential emissary down to Mexico to go out to the scene of operations and look into it on the quiet. This chap asked to have the cocoa brought up, and since he was ostensibly acting for Benson and Teen through the person of Macaulay, they brought it up. It took him only a few minutes, of course, to determine what made it so valuable. He devalued it forthwith, saying nothing to anyone. As soon as he was back in the little Mexican port where the salvaged cargo was being landed, he called Macaulay by long-distance telephone.

“They had two problems. The first was, of course, our original one—getting the stones into the United States without paying duty or having to answer any embarrassing questions as to where they had come from. The second was to keep us from recovering them. We had two men in the Mexican port keeping an eye on the cargo that was brought in. Macaulay solved both problems at once. He had been a bomber pilot in the Second World War, and held a pilot’s license. He came down to the Gulf Coast, chartered a big amphibian, and came after his colleague and the stones. They were to rendezvous in a laguna some ten or fifteen miles to the east of the Mexican port. They did, but our men were there, too, having become suspicious of Macaulay’s man and followed him in another motorboat. They lost him in the jungle, but saw the plane coming in and arrived at the spot just as the man was climbing aboard. Macaulay was helping him, and our chaps recognized him. They opened fire, killing the other man, but Macaulay got the plane off the water and escaped.”

“With your stupid diamonds,” I said.

He nodded. “So we thought. Macaulay never did go back to New York, suspecting that inasmuch as our men had recognized him as the pilot of the plane engaged in stealing three quarters of a million dollars from us we might feel ill-disposed toward him. His wife disappeared also. The firm said he had suffered a heart attack and resigned. He’d told them, originally, that he had to go to the Coast because of illness in the family, or some such story. We tried to trail him. He escaped us rather narrowly two or three times. But the strange part of it was that he apparently had never made any attempt to sell any of his loot. We began to understand then, just about the time we ran him down in Sanport. He hadn’t sold it, or tried to, because he didn’t have it.

“He escaped us in Sanport, taking off in another plane. We learned that another man had been with him, a man carrying an aqualung diving outfit. Macaulay, incidentally, couldn’t swim a stroke. As soon as we learned of the diver, of course, we knew what had happened. The metal box containing the diamonds had fallen into the laguna during those few hectic moments when Macaulay’s friend was killed.

“Our only hope lay in staying so close to Mrs. M. she’d have to lead us to him eventually. But just about that time we began to have a strong suspicion he was back in Sanport. Perhaps you missed the little item in the paper, but just about five days after Macaulay took off, a fishing boat docked with a castaway it had picked up in a rubber life raft on the Campeche Bank. This man, the captain said, gave them some vague story about being a pilot for some Mexican company and having crashed while en route from Tampico to Progreso alone in a seaplane. But he had, strangely, just vanished the minute the fishing boat docked.”

“I get it now,” I said. “As soon as she got in touch with me you knew the castaway was Macaulay. He’d gone back to the laguna with a diver to hunt for the box. But how do you know he found it, or even got there? Maybe he crashed on the way down.”

“No. He crashed on the way back. So the box is in the plane.”

“I see. And from the fact that he was trying to hire me to do some more diving for him, you realized he knew where the plane was and could go back to it?”

Barclay nodded. “Correct. We also suspected he was right there in the house, but that taking him alive wasn’t going to be easy. He was armed, and very scared.”

“The thing that puzzles me,” I said, “is that you and your meat-headed thugs never did put the arm on her to find out where the plane was. You’re convinced now she knows where it is, but you let her come and go there for a week or more right under your noses.”

“We weren’t certain she knew then.”

“But you are now. Why?”