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 several inches, attested the encounter with a shark that had put an end to his diving days and made him a fawner and an intriguer for small favors.

"Have you heard, Alec?" were his first words. "Mapuhi has found a pearl—such a pearl. Never was there one like it ever fished up in Hikueru, nor in all the Paumotus, nor in all the world. Buy it from him. He has it now. And remember that I told you first. He is a fool and you can get it cheap. Have you any tobacco?"

Straight up the beach to a shack under a pandanus tree Raoul headed. He was his mother's supercargo, and his business was to comb all the Paumotus for the wealth of copra, shell, and pearls that they yielded up.

He was a young supercargo, it was his second voyage in such capacity, and he suffered much secret worry from his lack of experience in pricing pearls. But when Mapuhi exposed the pearl to his sight he managed to suppress the startle it gave