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taking on his cargo at Manila, Captain Ponsberry had considered the possibility of being captured by a Russian warship, and had talked the matter over with the agents of the Richmond Importing Company and with a Japanese official who was doing business on the sly in the Philippines.

The Japanese Government was willing to pay for the cargo, whether it was delivered or not—presuming it was "gobbled up" by the Russians, but was not willing to pay for the ship if the vessel was taken as a prize of war.

"That is a risk you must take yourself," said the Japanese official. "We are willing to pay a high price for the cargo—we cannot do more." And so the risk—so far as the schooner went—was divided equally between the Richmond Importing Company and Captain Ponsberry and the other owners of the Columbia.

As nearly the captain's whole wealth was tied up in his share of the schooner, he was naturally