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Bolitho cut him short. "Twenty years?" He began to pace the cabin, the others watching him with amazement. "I am beginning to understand! Lequiller served here during the American Revolution and often used Las Mercedes as a temporary base, as well as many other places. He would have known all about Perez's background, might even have shared his confidences and discussed his hopes for the future." He halted in his stride and looked at each man in turn. "I believe I know what Lequiller intends, and what his orders were when he broke through our blockade!"

Fitzmaurice said, "An attack on the Spanish Main?"

"Far more daring and rewarding than that!" Bolitho walked to the stem windows and stared at his own ship. "Any attack on Spanish territories out here would most certainly inflame opinion against him. But should he return to Spain itself, imagine the impact it would have!"

Pelham-Martin gasped, "But that is absurd! The Spanish Court would hang this Perez, aristocrat or not!"

"Alone and unaided, perhaps." Bolitho eyed him coolly. "But backed by Lequiller's squadron, and a ship with more than a king's ransom in her holds, just consider the effect!" He hardened his voice, seeing the uncertainty giving way to panic on the commodore's round face. "Lequiller has made all the moves. Divide and conquer has been his method, and he has achieved almost everything he has attempted. We were warned that he is dedicated and ruthless. The fact that he hanged helpless prisoners of war should have told us just how determined he is to achieve his ends!"

Farquhar nodded firmly. "You are right, by God! What confidence the Spanish government might have had in our ability will go at the first sight of Lequiller's squadron. Any anger retained by the Court for this Perez will soon fade when their treasure is safely delivered."

"The Church will see to thatl" Fitzmaurice sat down wearily. "Much of the gold plate will no doubt find its way to their coffers!" He added less vehemently, "Then all our efforts have been to no purpose? Even now Lequiller's ships may be homeward bound." He glanced tightly at the commodore's motionless figure. "We can do nothing!"

Bolitho said, "All along I have tried to see things through Lequiller's eyes. His tactics, his complete disregard for. everything but his ultimate objective. When I saw those Spanish soldiers in French uniform I should have guessed just how great were his intentions. They must have been training those men for months, maybe longer, and the uniforms were merely to disguise the governor's real purpose. At worst he could have pleaded that his town and defences had been overrun by the enemy." He paused before adding, "At best he will have a trained force at his back when he returns to his own country, where no doubt there will be many eager to rise to his standard."

He saw Fitzmaurice nodding and continued relentlessly, "Just think of the impact this will have on England. Spain is our only foothold in Europe, the one country still strong enough to show arms to the enemy. With a sudden uprising it would all be over in weeks, maybe days, and there would be nothing between England and a united Europe. Nothing but a strip of water and a thin line of ships!"

Bolitho looked quickly at Mulder, seeing the anxiety his words had caused. Perhaps for the.first time Mulder was thinking as a Dutchman and not as the guardian of St. Kruis. No amount of ocean or distance could ease the pain he must be feeling for his own homeland, now crushed under the enemy's heel. Perhaps even now his country had been forced to declare war on England. It would merely be a formal signature on a treaty, but it would make this ancient ship an enemy and leave him with only one last decision.

Just thinking about it filled Bolitho with unreasoning anger and dismay. All these weary and frustrating weeks while they had sailed and searched for the elusive enemy, Lequiller had been playing the game by his own set of rules. Rules which they had only just begun to learn when it was almost -too late. It took a very determined and ruthless admiral to leave half his squadron to face whatever the hunters tried to do, yet he had been prepared to lose four ships while he went after the big prize, the laden treasure ship and all that her wealth entailed for his cause. He must have known that even if Pelham-Martin had succeeded in destroying all four vessels his own force would have suffered so severely in battle and under the bombardment of the hidden battery they would be in no fit state to hinder him for some time to come.

He said, "I can see no other possible explanation, sir. Nor can I see any choice for us but to act on the facts at our disposal."

Pelham-Martin tugged a handkerchief from his pocket and stared at it blankly. "We do not know, Bolitho. Yours is just supposition. Think what it would mean if I ordered the squadron in pursuit to, somewhere-the exact location of which is a mystery-when all the time Lequiller is here, attacking and raiding, destroying the vital links which were so hard to forge!"

"It would be prudent to consider the alternatives, sir. Our orders were to seek out and to destroy Lequiller's squadron. We have failed." He watched the words reaching the commodore's confused mind and added, "Now the San Leandro is taken, in seas which we were ordered to control and make secure. Even if we desired it, we cannot waste more time in seeking Lequiller's ships. We have only the Spartan for patrolling away from the squadron. The sloops are too frail, and easy prey for the enemy."

"What are you suggesting now?" Pelham-Martin again tried to restore his own composure. "A return to Las Mercedes?"

"No, sir. It would take more valuable time, and that we do not have. I believe Lequiller attacked St. Kruis when he first entered the Caribbean knowing he might need an alternative base for his ships. Due to our unexpected arrival and the show of courage by the Dutch defenders it was denied to him. That is why I am sure Lequiller did not come here just to raid and plunder. Privateers and frigates would have been more useful for such tasks. But you cannot hide a squadron of the line forever." He shot a quick glance at Farquhar. "How much did you damage the frigate Thetis?"

"Foremast and rigging were well hit, as well as considerable damage to her main deck."

Bolitho nodded. "And one of the ships which escaped from Las Mercedes was also badly crippled aloft. If it was essential for Lequiller to reach here with his squadron intact, it will be equally important for any future operations now that he has lost some of his force to us."

Again it was Farquhar's quick mind which took up the train of Bolitho's spoken thoughts.

"Then there must be some other base?" He tugged his chin doubtfully. "But we are surrounded by countless islands, it would take a fleet and a century in time to search amongst them." Then he nodded sharply. "But you are right. An anchorage where the damage can be put right and the last plans prepared."

Fitzmaurice asked, "Do you know of such a place?"

"Not yet." Bolitho glanced at Mulder. "But I will give it some thought."

Pelham-Martin levered himself to his feet and leaned against the back of his chair. "If only my reinforcements would come!" Then he gave a great sigh. "But alas, I should have been warned by my past experiences." He looked at Bolitho, his face suddenly despairing. "You are my senior captain and I must consider your advice, knowing as I do that it is born of knowledge gained in the King's service. But I am in command, and mine is the final decision. We will return to St. Kruis with all haste, and then I will send a sloop with my despatches direct to England."

Bolitho watched him impassively. It never failed to surprise him how quickly Pelham-Martin could rally and emerge from almost complete despondency. The idea that there was still some possible chance of redeeming his honour before Admiral Cavendish learned of his failure to destroy the enemy seemed to have given him fresh hope and authority. Even now he was looking at Farquhar with something approaching his old severity.