The smuggling alliance has by now fallen apart: the Squire has realised he is dealing with a ruthless pirate who will not honour any bargains with him while Cherub has decided to locate Avery's gold for himself. The Squire too sets off to find the gold, as do the time travellers since the Doctor is convinced the rhyme of the churchwarden is the key. He works out the names Ringwood, Smallbeer, and Gurney pertain to graves in the crypt but before he can find the treasure, the other seekers arrive. Cherub wounds the Squire, and then forces the Doctor to confess the rhyme. Cherub concludes that Deadman too is a name of one of Avery's former pirates, but is slain by a vengeful Pike, who now threatens to pillage the entire village in his search for Avery's treasure. The Doctor bargains with Pike for the lives of the villagers if he shows him the treasure and, with this agreed, they find the gold at the intersection of the four graves.