“So much the worse for the faithless folk of Vull! They have lost their treasure, their most beautiful maiden, and when day breaks Magnatz will march upon them.”

Marlinka uttered a poignant cry, which was muffled in the mist. “Never speak the cursed name!”

“Why not? I shall shout it across the water! I will inform Magnatz that the spell is gone, that now he may come for his revenge!”

“No, no, indeed not!”

“Then you must behave toward me as I expect.”

Weeping, the girl obeyed, and at last a wan red light filtering through the mist signaled dawn. Cugel stood up in the boat, but all landmarks were yet concealed.

Another hour passed; the sun was now aloft. The folk of Vull would discover that their Watchman was gone, and with him their treasure, Cugel chuckled, and now a breeze lifted the mists, revealing the landmarks he had memorized. He leapt to the bow and hauled on the anchor line, but to his annoyance the anchor had fouled itself.

He jerked, strained, and the line gave a trifle. Cugel pulled with all his strength. From below came a great bubbling. “A whirlpool!” cried Marlinka in terror.

“No whirlpool here,” panted Cugel, and jerked once more. The line seemed to relax and Cugel hauled in the rope. Looking over the side, he found himself staring into an enormous pale face. The anchor had caught in a nostril. As he looked the eyes blinked open.

Cugel threw away the line, leapt for the oars and frantically rowed for the southern shore. A hand as large as a house raised from the water, groping. Marlinka screamed. There was a great turbulence, a prodigious surge of water which flung the boat toward the shore like a chip, and Magnatz sat up in the center of Lake Vult.

From the village came the sound of the warning gong, a frenzied clanging.

Magnatz heaved himself to his knees, water and muck draining from his vast body. The anchor which had pierced his nostril still hung in place, and a thick black fluid issued from the wound. He raised a great arm and slapped petulantly at the boat. The impact threw up a wall of foam which engulfed the boat, spilled treasure, Cugel and the girl toppling through the dark depths of the lake.

Cugel kicked and thrust, and propelled himself to the seething surface. Magnatz had gained his feet and was looking toward Vull.

Cugel swam to the beach and staggered ashore. Marlinka had drowned, and was nowhere to be seen. Across the lake Magnatz was wading slowly toward the village.

Cugel waited no longer. He turned and ran with all speed up the mountainside.