xclaimed John excitedly. "Just look at them. Are there any
more?"

"Just this," said Grant quietly and he spread a sheet of paper before
the gaze of his two companions. "Do you recognize it?"

"I should know those figures in China now," said Fred disgustedly. "It's
that same old code again."

"I know it," said Grant, "but do you see what's written across the top?"

"Sure enough," exclaimed Fred. "What does it say, anyway?"

"'This tells where the rest of it is,'" Grant read aloud.

CHAPTER XVIII

IN THE WATER

John, Fred and Grant sat and looked at one another and at the two gold
pieces which lay glittering in John's hand. Then they looked at the
third copy of the code which had turned up so strangely.

"I wish Pop were here," remarked Grant grimly.

"Why so?" inquired Fred.

"I'd like him to see those gold pieces and I'd like him to see what is
written across the top of this parchment. I think after that he wouldn't
be so sure there was no treasure on this island. We'll convince him now
quick enough."

"Let me see one of those coins," said Fred. "What are they, anyhow?"

"Spanish, I should say," replied John. "They're old ones."

"I should think so," exclaimed Fred. "They're worn, too, and the date is
gone from this one."

"This says seventeen something," remarked John, examining the piece of
gold which he held in his hand. "I can't make out the rest of it."

"They must be a couple of hundred years old, all right," said Grant.

"Do you suppose they've been here all that time?"

"I can't tell you, Grant," said John. "I do wish we could decipher that
code though. This makes it look better than ever."

"It surely does," Grant agreed heartily. "I've thought of about
everything under the sun, but nothing seems to work for a cent. I'd like
to catch the fellow who made up that set of figures. He must have been a
fiend."

"Not necessarily," laughed Fred. "He was only trying to protect his
property."

"Well, I guess he did that all right," exclaimed Grant. "He certainly
did as far as I am concerned."

"The joke of it is," said John, "that probably the whole thing is as
simple as rolling off a log. All we need is the key."

"Yes," cried Grant, "but if we can't find the key what good does it do
us?"

"None, I'll admit," replied John, "but we must find it."

"Oh, it's easy enough to say that," exclaimed Grant bitterly. "I don't
notice anybody doing it, though."

"You're not going to give i