, then we are pretty near the place."

"Yes!--if the Point has simply receded, but if it has shifted
laterally, as well, the problem is not so simple."

"Let us go out to the Point, and look at the ruins of the light-house.
If we can get near enough to ascertain when it was built, it may help
us. Evidently there was none erected here, in Parmenter's time, else
he would not have chosen this place to hide his treasure."

But the light-house was a barren yield. It was a crumbling mass of
ruins, lying out in water, possibly fifty feet--the real house was a
bug-light farther out in the Bay.

"Well, there's no one to see us, so why shouldn't we make a search for
the trees?" said Croyden.

"Hold my horse!" said Macloud, dismounting.

He went out on the extreme edge, faced about, and taking a line at
right angles to it, stepped two hundred and fifty paces. He ended in
sand--and, for another fifty paces, sand--sand unrelieved by aught save
some low bushes sparsely scattered here and there.

"Somewhere hereabout, according to present conditions, the trees should
be," he said.

"Not very promising," was Croyden's comment.

"Let us assume that the diagonal lines drawn between the trees
intersect at this point," Macloud continued, producing a compass.
"Then, one hundred and ten paces North-by-North-East is the place we
seek."

He stepped the distance carefully--Croyden following with the
horses--and sunk his heel into the sand beside a clump of wire grass.

"Here is the old buccaneer's hoard!" he exclaimed, dramatically.

"Shall we dig, immediately?" Croyden laughed.

[Illustration: HE WENT OUT ON THE EXTREME EDGE, FACED ABOUT, AND STEPPED
TWO HUNDRED AND FIFTY PACES]

"You dig--I'll hold the horses; your hands are tougher than mine."

"I wonder who owns this land?" said Croyden, suddenly.

"We can ascertain very readily. You mean, you would try to purchase
it?"

"Yes, as a site for a house, ostensibly. I might buy a lot beginning,
say one hundred and fifty yards back from the Point, and running, at an
even width of two hundred yards, from the Severn to the Bay. That would
surely include the treasure."

"A fine idea!" Macloud agreed.

"If the present owner will sell," appended Croyden--"and if his price
isn't out of all reason. I can't go much expense, you know."

"Never mind the expense--that can be arranged. If he will sell, the
rest is easy. I'll advance it gladly to you."

"And we will share equally, t