The circle sucked in their breath. “All at the bottom of the sea?” queried Red Gil, with gloating eyes fixed upon the smiling water. “Not one pezo left, not one little, little pearl?”

I shook my head and heaved a prodigious sigh. “The treasure is gone,” I said, “and the men with whom I took it are gone. I am a captain with neither ship nor crew. I take you, my friends, for a ship and crew without a captain. The inference is obvious.”

The ring gaped with wonder, then strange oaths arose. Red Gil broke into a bellow of angry laughter, while the Spaniard glared like a catamount about to spring. “So you would be our captain?” said Paradise, picking up another shell, and poising it upon a hand as fine and small as a woman’s.