The great galleon lay in semi-retirement under the sand and weed and water of the northern bay where the fortune of war and weather had long ago ensconced it. Three and a quarter centuries had passed since the day when it had taken the high seas as an important unit of a fighting squadron -- precisely which squadron the learned were not agreed. The galleon had brought nothing into the world, but it had, according to tradition and report, taken much out of it. But how much? There again the learned were in disagreement. Some were as generous in their estimate as an income-tax assessor, others applied a species of higher criticism to the submerged treasure chests, and debased their contents to the currency of goblin gold. Of the former school was Lulu, Duchess of Dulverton.

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